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Renters should take advantage of slow rent prices

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Posted at 6:25 AM, Jan 19, 2023

CORPUS CHRISTI, Texas — The past few years have been a rollercoaster ride for the real estate market, and people looking to rent are trying to find the best price.

In Rockport, Texas, for a two-bedroom, two-bathroom Key Allegro condominium for a long-term rental, it's about $2,000 without utilities.

“I’m renting an apartment here in Rockport," said Jason Whitcanack.

Whitcanack said when he sold his home in San Antonio and moved to Rockport, he started saving around $1,000 a month.

Rents nationwide have been skyrocketing since the peak of the pandemic. But now, there are signs renters are starting to gain the upper hand.

“So when we came to Rockport. We specifically looked for Grey Star property..." Whitcanack said.

Then he was able to move into a pet-friendly apartment through a property he was familiar with. He said he and his wife were only planning on staying in Rockport for a year, but they liked the area so much that they renewed for another.

“Found a place here in Rockport, so that kind of factored into us staying, so it’s been good. We like the area," he said.

A consumer price index housing survey from January to June 2022 shows people are signing longer leases. With almost 60% signing for a year or more.

Parkie Luce, Co-Owner of Luce Properties LLC, has been working in the real estate business in the Coastal Bend for 42 years and said she’s seeing a similar trend.

“It gives them time to get used to the community and the different areas, church is available and different activities," said Luce.

Government data shows the nationwide cost of rent rising 8.3% over the course of 2022. But experts believe that the pace will slow, and renters should take advantage.

“We have homes for lease at the $2500 dollar mark. But typically, the range for a family is around $1600 to $1800 a month," said Luce.

Whitcanack said a motivating factor was a pet-friendly place and knowing what they wanted.

“Know what you are looking for; know what your standards are," said Whitcanack.

If you’re looking for a new rental, experts said you should ask about future rent increases and see if leases longer than one year will come with favorable rates.