HUNTSVILLE, Ala. — Let’s face it, the search to live here and find a new home in the Rocket City is tough right about now.
Huntsville is considered the ‘Silicone Valley of the South’, and builders say they need 5,000 new homes a year to keep up with the demand.
Builders say they have double the number of permits to build apartments.
FOX54 News reporter Keneisha Deas spoke with a realtor who says supply chain, the pandemic, and Huntsville now being the largest city, is a recipe for this aggressive search.
“When you have a property that goes up for sale and you have three to twelve people who want to purchase that property. The people who don’t win in the bidding war have to live somewhere,” said Keller Williams Realty, Associate Broker, Nikkia Dollar.
“That has cascaded to the rental market like never before,” she said.
Dollar says there’s something else to pay attention to in the rental market.
“While there’s a bidding war in sales, because of fair housing there’s not that in the rental market. The price is typically set and first come first serve. Property managers can’t pick and choose applications. They go in chronological order.”
Dollar says the cost of rentals is high. “We’ve seen that prices for rentals have risen just as much as purchases,” said Dollar.
Whereas, three years, Dollar says the rate for rent would be significantly lower. But here are some tips for you - if you’re searching for a place to rent, or own!
First, plan ahead. “If you have an opportunity to strategize your move - start planning now.”
Also, find a home that suits your lifestyle.
“If it’s important for you to be close to city activities or closer to the mountains, those are things you want to consider because I mean it’s called work-life balance.”
