CHARLESTON, WV (WOWK) – Inflation prices are not just impacting things like gas and groceries, it’s changing the real estate market and where people choose to live.
Inflation hit a 40-year high in June, with consumer prices increasing 9.1% in the last 12 months.
“Because of inflation, you’ve got a lot of owners that are taking advantage of that. They’re increasing the rent rates and it is pricing a lot of people out of the affordability of the market,” Rick Wheat, who works with Patriot Services Group said.
“The market from a real estate aspect, it’s cooling just a little bit. Slightly cooling,” Duke Jordan, Real Estate agent said.
Patriot Services Group, which is a nonprofit affordable housing group, owns several apartment complexes in the Charleston area. They say one of the biggest changes they’re seeing from inflation is families making apartments, homes.
“More families are looking to rent. They’re looking to rent an apartment or a home rather than purchasing. In the past we’ve seen a lot more than single population or coming in for working moving to a location that are looking for that rental,” Beth Smith, who works with the group said.
“Those people who are priced out of the market obviously must live somewhere. So, they are looking into rentals, so the demand is picking up across the board,” Smith said.
Smith with Patriot services says they are working with other groups to make apartments more like homes by figuring out what supportive services are needed.
“It’s no longer an apartment community where nobody knows anyone, it’s an apartment community that now it’s your neighbors, it’s your home,” Smith said.