AMARILLO, Texas (KAMR/KCIT) – Rental properties here on the High Plains are becoming harder and harder to find.
Paul French, owner of French & Co. Realtors said the reason for the shortage is an influx of people moving to the area and not enough property to fill the need of that influx.
French added that they are at 98% occupancy of the property they manage and he said he has never seen anything like this before in 41 years as a realtor.
French said what this shortage does for a first-time renter is they are probably going to pay a higher deposit.
He added that during the pandemic people who were already renting out properties just decided to stay in their current properties and not move, while the influx of people continued to the area.
According to French, the only way to fix the problem is new property.
“We don’t see a lot on the horizon right now, so until we start getting more homes built, more new construction. We got to have that to alleviate this problem,” said French.
French said the people renting properties in the area ranges from people fresh out of high school to senior citizens.
According to French, the market will rectify itself, but it may take a few years.
French said the lumber shortage is also playing a role in why building on new homes has almost come to a standstill.