Jackson rental property skyrockets in cost - MSNewsNow.com - Jackson, MS

Jackson rental property skyrockets in cost

Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
JACKSON, MS (Mississippi News Now) - You'll be surprised at the cost of rental property in Jackson. According to Zillow, Jackson tops the list of rental increases across the nation; not San Francisco or even New York. 

Zillow, a real estate data firm, is reporting that rents are still rising at double digit rates in big and small cities. Houses in the capital of Jackson are renting monthly for an average of $1100 monthly, a 22.7% increase over last year. One problem is inventory of properties for rent. 

"We have a population in the Jackson metro area of about 500 thousand people and if you look at our MLS active listings we have about 25 rental listings" said Central Mississippi Association of Realtors President Carol Stewart. 

She was shocked by that the high increase in rental property that Zillow is reporting.

Some say it's a catch 22 situation for renters. That's because it takes more out of their pockets that could be put down on a home to build equity. 

"There is still a lack of confidence and some first time home buyers still believe they have to have 20% down and that is not true,"said Stewart.

Meanwhile, realtor.com says "Renting is not a wise long term financial choice if you plan to live in a place long enough to break even with your home ownership costs and if you can afford a mortgage, you should buy now."

That is still an unfulfilled dream for some Mississippians. 

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