Rents Up For Short Supply Of Houses And Apartments - WLOX.com - The News for South Mississippi

Rents Up For Short Supply Of Houses And Apartments

When Katrina washed away hundreds of apartments, rents shot up 20 to 30 percent on those that weren't damaged.

"It's tight, it's real tight. We have everything that we have available rented," says Franklin Kyle, owner of SunStates Management of Biloxi.

He says the rents run from $650 for a one bedroom apartment, up to $950 for three bedrooms. That may sound unaffordable to some, but Kyle says they fill up as fast as they open. With increasing construction costs, he says the days of $500 a month rent are gone.

"Building costs what they are today and land prices what they are today, cause both of them enter in. You're not going to build and rent apartments for $500-$550 a month. That's just not, I don't think it's going to happen."

Realtor Jay Schroeder agrees. He says rental houses are as scarce as apartments.

"This is the only house we have available right now. Beautiful home, but all we have."

The house on Firetower Road is 1,700 square feet, three bedrooms, on two acres. It rents for $1,800 a month. That's as much as some house notes. Schroeder says that's not unusual and landlords are getting what they ask.

"Within reason. That 20 to 30 percent, no problem. If they start asking a gross amount for it, they're just not going to get it."

Still, Schroeder says houses and apartments don't sit empty long.

"We probably get 15 to 30 calls a day with no advertising, just calling on rental properties. If we put an ad in the paper, you know, at least 50 calls a day on that unit."

Schroeder and Franklin say as long as the rental market keeps growing, they expect prices to go up too.

In Jackson and Hancock Counties, it's the same story. Realtors tell us there are no apartments and the houses that are available rent for $850 to $2,300 a month.

byMarcia Hill

  • NEWSMore>>

  • Bay St. Louis police investigate gunshots in the city

    Bay St. Louis police investigate gunshots in the city

    Monday, December 18 2017 9:59 AM EST2017-12-18 14:59:19 GMT
    (Photo source: WLOX)(Photo source: WLOX)

    Bay St. Louis police chief Gary Ponthieux says that at some point Monday, he hopes to release new information about a shooting on Sycamore Street. So far, the chief has shared preliminary information. At just before 3:00 p.m. Sunday, officers were called about a shooting in the area of Sycamore Street and St. Francis Street. When the officers arrived, Ponthieux reports they found two gunshot victims in a wrecked car. They also found a third injured person in the area.

    More >>

    Bay St. Louis police chief Gary Ponthieux says that at some point Monday, he hopes to release new information about a shooting on Sycamore Street. So far, the chief has shared preliminary information. At just before 3:00 p.m. Sunday, officers were called about a shooting in the area of Sycamore Street and St. Francis Street. When the officers arrived, Ponthieux reports they found two gunshot victims in a wrecked car. They also found a third injured person in the area.

    More >>
  • Penn National places $2.8 billion bet on Pinnacle Entertainment

    Penn National places $2.8 billion bet on Pinnacle Entertainment

    Monday, December 18 2017 8:09 AM EST2017-12-18 13:09:44 GMT

    The owners of the Hollywood Casino in Bay St. Louis and Boomtown Casino in Biloxi are broadening their portfolio. Penn National Gaming will buy Pinnacle Entertainment. The purchase price announced Monday is more than $2.8 billion.

    More >>

    The owners of the Hollywood Casino in Bay St. Louis and Boomtown Casino in Biloxi are broadening their portfolio. Penn National Gaming will buy Pinnacle Entertainment. The purchase price announced Monday is more than $2.8 billion.

    More >>
  • Gulfport flights slowly getting back on schedule

    Gulfport flights slowly getting back on schedule

    Monday, December 18 2017 7:41 AM EST2017-12-18 12:41:43 GMT
    Planes line up on the ground after a power outage brought traffic to a halt at Hartsfield-Jackson International Airport in Atlanta. (Source: @dsalley24/TwitterN)Planes line up on the ground after a power outage brought traffic to a halt at Hartsfield-Jackson International Airport in Atlanta. (Source: @dsalley24/TwitterN)

    They finally restored power at Atlanta's airport. Flights are once again taking off and landing at the world's busiest airport. That's starting to ease the congestion at places like Gulfport Biloxi International Airport.

    More >>

    They finally restored power at Atlanta's airport. Flights are once again taking off and landing at the world's busiest airport. That's starting to ease the congestion at places like Gulfport Biloxi International Airport.

    More >>
Powered by Frankly