GREENE COUNTY, Mo. – Springfield has seen a $20 rent increase per month in one-bedroom apartments and a $55 increase in two-bedroom apartments.
“Nationwide we’re seeing rents up quite a bit compared to what we saw this time last year and this is something that is kind of unusual at this time of year,” Senior Managing Editor at Rent.com Brian Carberry said. “If you look at a one bedroom or two bedroom apartment right now, you’re going to pay about 20% more than you did in September or October of 2020. That’s unheard of really at this time of year. Generally, we see rent prices up anywhere from like 3 to 5%.”
Carberry said Springfield is one of the more affordable cities in the state, but renters still have to dish out more money. Over the course of a year, renters could be paying $300 to $600 more for an apartment. Realtor Blake Cantrell said this could be because of the growth in surrounding cities.
“The one thing I have been told is that every time amazon does come to a community there’s a lot of growth that comes with it,” Cantrell said. “So that’s all of the surrounding areas, whether that’s Republic, Springfield, everywhere around it.”
Cantrell builds and sells homes, apartments, and duplexes in Springfield and Republic. He’s been in real estate since 2014.
“We cover a lot of all of southwest Missouri but Republic is our main focus,” Cantrell.
He’s continued to see a high demand for properties, including from investors.
“I can think of different communities where we’ve sold new homes that we’ve sold anywhere from 5 to 15 homes to different investors that are purchasing because Amazon has come to our area,” Cantrell said. “It’s made the market a lot tougher for people who are just trying to purchase a home because you have so many people and investors wanting to purchase homes for rental reasons.”
Cantrell has rental homes going for $300 to $600 more a month than what they were going for last year.
“Houses you were seeing in that $300 [per month] area are now $600,” Cantrell said. “Houses that were $900 or $1000 [per month] you’re now seeing $1600. We have a 480 square foot rental, that we’re asking $600 a month for. We rented it out today. I’ve had 20 calls on it, and we listed it this morning.”
Cantrell said these numbers might be here to stay.
“I don’t know that they will go back down,” Cantrell said. “We’re finally catching up with everyone else in the United States.”
A price owners and renters are paying for a growing city.
“The housing market has started to show signs of cooling off a little bit, so that could be some good news for some of those people,” Carberry said. “there are a lot of people that are still renting because of that. On the flip side, you’re seeing some of these people who are selling their homes that are making money on their house that may not want to turn around and give that money to someone else, so they’re going to sit on that money and then rent for a year or two and wait for the housing market to cool down before they buy something else.”