Huntsville rental market ranked top in the nation
HUNTSVILLE, Ala. (WAFF) - It is no secret — it is a hot housing market in Huntsville right now.
But a recent survey shows the Rocket City is also exploding when it comes to rental properties.
According to a new report, southern markets like Knoxville, Memphis, and Huntsville are the most in-demand renter hubs. These emerging hot spots share a similar story: attracting renters from larger metros with a mix of cheaper, slower living and a growing number of opportunities.
“People moving here have to find someplace to rent while they are waiting on their home to be built,” said Sid Pugh with the Pugh Group Re/Max Alliance. “There is a lot of pressure in the rental market and in the housing market as a whole.”
Huntsville ranked 10th out of 125 rental markets.
The rankings were based on what percentage of apartments were occupied, how many days rentals were vacant, how many people were competing for apartments, and the rent price.
“The average time for one to rent, the median time is 20 days. That is a pretty fast turnaround for rental properties but I would say it is not a hopeless situation,” added Pugh.
Local experts’ advice when it comes to renting in Huntsville? Be prepared to act fast.
“When we have something vacant come up, we put it on the market, we get multiple applications on it. We take those applications on a first come first serve basis. That is why it is important if you see one that you like go ahead and make an application on it because it is going to go quick. If you wait a day and think about it, it will more than likely be gone.”
To review the report, click here.
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