RIO GRANDE VALLEY, Texas (ValleyCentral)- Residents all over the U.S. and here in the valley are dealing with an increase in rent.
“We have a huge demand for housing, especially level entry housing and we have very little supply,” said Norma Hinojosa, broker and owner of RE/MAX Elite.
Hinojosa said with interest rates also going up it’s putting a strain on homeowners and renters, she adds that’s just one of the many reasons.
“There are people that have been priced out of the market and they no longer have the ability to purchase an entry-level or what you would call a first-time home, so they are now having to lease and that is one of the contributing factors,” said Hinojosa.
Some employers are adjusting salaries based on the inflation rates but not all. There are rental assistance programs, some which are still helping those impacted by the pandemic.
“We are helping renters in Cameron County who are at or below 80% of the area median income and that are facing some financial difficulty because of COVID-19,” said Marcela Saenz, Director of Marketing, Communications, and Public Relations for Come Dream Come Build (CDCB).
CDCB is a rental assistance organization, Saenz tells us they continue to receive an influx in calls for help. Experts share that while not much can be done about the rise in rent prices, tenants can try and negotiate, but they don’t see prices coming down anytime soon.
“The supply needs to catch up with the demand and it will because there are builders that are going to meet that demand it’s just that it’s not going to happen overnight,” said Hinojosa.
Those seeking rental assistance will receive an amount specific to their past due rent or utility balance according to CDCB. To fill out an application visit their website here.
Residents in Hidalgo county can also apply for assistance through the Hidalgo County Community Service Agency.