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Economic uncertainty has caused a slowdown in rentals

Corpus Christi rental study
Economic uncertainty has caused slowdown in rentals
Posted at 6:13 AM, Jan 11, 2021
and last updated 2021-01-11 09:29:51-05

CORPUS CHRISTI, Texas — A new report shows the median price for a one-bedroom apartment in the Coastal Bend is $915 per month.

Due to economic uncertainty during the pandemic, some landlords say they are willing to negotiate on the price of rent.

According to realtor Jacob Bocanegra, Corpus Christi has limited number of rentals compared to bigger Texas cities.

In previous years, there could be a total of 3,500 listings but as of Jan. 8, there are only 1,212 listings available.

“Inventory is pretty much slashed in half this year,” said Bocanegra.

Lizzy and her partner, Meghan, arrived in the Coastal Bend on Jan.4 from Pensacola, Fla. Lizzy says they have lived all over the country.

“There’s not a lot of housing opportunities in Corpus," Lizzy said. "We were really surprised to see that everything gets swept up really fast.”

According to reports, economic uncertainty has caused a slowdown in rentals during the pandemic. In Corpus Christi, the rent growth since March has fallen which can lead to price negotiations between landlord and tenant.

“There's a willingness to negotiate because you’d rather get something than nothing as a landlord,” Bocanegra said.

Renting a home on Corpus Christi's south side, Lizzy says she was surprised to find the condition of a home does not match its value.
“We asked if they were able to lower the rent because it was priced at $1,800 for a house that wasn’t really worth $1,800," she said. "And they were not willing to lower it.”

There could be a reason why rent is higher here as LIzzy points out, "we’re in a military area so a lot of the rent is going to be set at what they know that people are getting for VAH.”

Bocanegra says if you know exactly what you are looking for in a rental , it can make the search easier.

“If you’re trying to get an apartment, a one-bedroom (is) anywhere between $650 and $750,” he says.

Lizzy recommends before moving anywhere, it's important to do some research on the area, obtaining expert advice before deciding on a place.

“Getting a realtor that is willing to bargain for you and talk with someone about prices because it can be hard,” she said.

For more information on everything you need to know about navigating life as a renter, from finding the perfect roommate to decorating your dream apartment click here.