Cost of rent rising with housing market

RAPID CITY, S.D. – It’s getting harder and harder to find an affordable place to rent these days.

And experts say one major reason it’s been difficult to find a rental is a 20% increase in property values.

C0005mp413 28 17 00still001Gregg Stilton with Rushmore Real Estate Group says he’s seeing more of the traditional landlords selling to take advantage of the market. Another factor is the high demand with rentals seeing as many as 20 applicants. The silver lining is that with all the current development, that should eventually open up more rental properties.

When it comes to apartment’s, Stilton says right now more luxury buildings are being developed than affordable.

Gregg Stilton with Rushmore Real Estate Group says, “I think we need to go back to traditional apartments, smaller apartments, two and three bedrooms, rather than people paying premiums for things they don’t really use.”

Stilton also says he would like to see more landlords shake the stigma of converting their properties to section eight homes. These properties receive government subsidies depending on the tenants income.

Categories: Evergreen, Local News