Rising prices for rental properties causes concern for many

Tips from pros can help moving woes

The real estate market is turbulent and some may think that there is a spillover effect. Rental prices are on the rise, but those in the business have mixed views on why.

VCU Real Estate Professor Brent Smith says rental prices are increasing, “simply because there are not as much housing as they would like to see available… that coupled with the downturn in the housing market means we have a growing population of potential renters.”

Smith follows by explaining this issue through the concept of supply and demand.

Another perspective is offered by real estate developer Reid Pierce, “I was a licensed real estate broker for a long time so I know all about the retail market… the Fan market (in Richmond, VA), both on home sales and rental market has always been strong and it is still strong today… prices are fluxuating on the sales side and days on market has increased. But sales are still strong…”

Smith sees the supply and demand, but from his perspective it is attributed to the growing population at Virginia Commonwealth University.

“VCU has an enrollment of probably 35,000 kids and they have housing for about a tenth of that, so the housing market is good, has been good and will always been good… but I don’t really (end up renting) to students.”

One thing is for sure, advice from professionals will help in making a decision on where to live.

The clip below may offer some suggestions: