Huntsville rent prices increase as supply remains low
HUNTSVILLE, Ala. (WAFF) - Rent across the nation is at an all-time high. The median rent for a one bedroom apartment is now $1,800 a month.
Though rent has increased dramatically in Huntsville over the last year, the median price for a one bedroom apartment is $800. That’s a 13% increase from last year.
According to the President of Huntsville Area Association of Realtors, Isaac Winkles, prices remain high because there are not enough homes available for purchase.
“We see that even with the building that’s going on for people that want residential properties, they cant find them,” Winkles said. “They’re moving into rental properties, apartment complexes or single-family dwellings as the apartment complexes get finished.”
As construction on several apartment complexes around the area are finished, supply will eventually meet demand. According to Winkles 15 apartment complexes are currently being built and that will create space.
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