JACKSON, Miss. (WJTV) – Many prices on rental properties have increased in the Jackson-metro area.
According to CoStar, Rental properties in the Jackson-metro area have increased more than 8% since 2021. Within 2022, rental prices have increased by more than 10%. However, the increase in prices have remained low compared to other states.
According to Apartments.com, there are 1,508 apartments that range in price from $500 to $2,601. There are 78 rental houses available that range in price from $215 to $2,750, and 12 condos and townhouses that range in price from $695 to $2,250.
Even though prices remained low in the state of Mississippi compared to other states, neighbors in Jackson have been concerned about the drastic change in prices.
Many neighbors have noticed the spike in prices within their apartment complexes versus the price they first paid when they moved in.
“I’ve noticed how my apartment now is leasing a two bedrooms for almost $2,000,” said Sandra Brown. “When I first moved here in 2020, it was just $1,500.”
“It’s getting ridiculous if you ask me. Rent plus utilities have increased since so many things have happened in the world like COVID and the wars,” said Johnny Levan. “It’s like we’re all losing money here.”
According to Meghan Elder, an association executive for the Mississippi Apartment Association, rent rates respond to market forces and rental rising operations. Elder said consumers are facing a increase cost of insurance, labor, taxes, and materials which results in an imbalance in supply.
However, Elder said it’s normal to see a change of rates in rental properties over the years.
According to Elder, the rental housing industry in the state of Mississippi is committed to providing better solutions, which includes housing development and social support that will supply the needs of neighbors during this time.