Rising rental costs are pricing some out as demand for affordable options increases
SAGINAW, Mich. (WNEM) – The largest annual increase in median monthly single-family listings is based on house canary’s national rental analytics, the following 10 MSAs saw the largest annual increase in median.
Monthly listing prices from the first half of 2021 to the first half of 2022. The cost of rent is climbing across the country. For example, the average price of median monthly rent in flint for the first half of this year was $1243, according to house canary’s national rental report.
In the form of rent based on 30% of a tenant’s gross income. Bill Philips is Chief Executive Officer of the Bay City Housing Commission which has 526 high rise units and 193 single family or duplex homes.
The number of people waiting to get into one of these dwellings has risen like the rent, Phillip said.
The rising cost is pricing some people out of rental property and the demand for more affordable options is also increasing.
“I think it’s important that we provide that safety net, “Phillips said. “In the last two years our waiting list has increased probably, I want to say 20% to 30%.”
There are about 600 applications in the queue, Phillips said.
“That’s a pretty large number for us in a market the size of Bay City,” Phillips said.
It’s no secret the price of rent has gone up almost everywhere, the increase has more people looking at federally subsidized HUD housing, Phillips said.
“The most common stories are folks that have had a change in their household and didn’t have the resources to go into the market and compete for good quality housing at the prices that landlords are compelled to get these days,” Phillips said.
There needs to be more of the right type of affordable housing made available to those who need it, Phillips said.
“We can actually use a lot more affordable housing in the context that we have. Where it’s income based, and not a fixed market rate,” Phillips said.
Copyright 2022 WNEM. All rights reserved.