St. Joseph rental properties in short supply, but demand is high
ST. JOSEPH, Mo. (News-Press NOW) -- In an ever-changing housing market, the demand for rental properties has exceeded the supply in St. Joseph.
Joshua Johnson of Berkshire Hathaway Home Services/Stein & Summers Real Estate said, while various rental property managers like his own company try their best to place people in good homes with affordable rents, the supply of quality rentals in St. Joseph is small.
"St. Joseph is a market that needs good rentals," Johnson said. "The challenge is timing based upon current demand, and the city does have a thorough certification process that takes time."
Johnson's observations echo the analysis of the National Low Income Housing Coalition, which shows a shortage of affordable rental homes throughout the state of Missouri.
According to Johnson, even if a rental property with potential housing for 100 people were approved today, the wait time would be prohibitive for some, and the waiting list would grow immediately.
The waiting list for extremely low-income households is even greater, according to the Low Income Housing Coalition and the Housing Authority of St. Joseph. Wait time for Section 8 housing, for instance, can be from one to three years.
For standard rental properties, Johnson said in addition to the lack of availability, the challenge in St. Joseph includes the readiness of the rental properties that might be available.
"We manage over 400 rentals here at Berkshire Hathaway," Johnson said. "Some, though, are still in the 'make ready' condition, and with those that are ready, we are at about 97% occupancy."
Renters are now on waiting lists for either the contracted repair to be finished on a property or they are simply waiting for someone who occupies a rental home to move.
This not only presents a challenge for realtors and rental property managers, but also for businesses who are seeking to recruit people to St. Joseph, many of whom are not able to purchase a house right away.
"Some of the larger businesses who are recruiting heavily are having a hard time finding housing for potential employees," Johnson said. "Even many of our properties are outside of the city, and so those who come here without drivers licenses to work for some of our companies will have additional transportation challenges, even if they find a rental."
Some tips Johnson and other housing experts in the area give for those looking for rental houses or apartments in St. Joseph include, starting the search early. This means starting a few months in advance, working with your current renter on the timing of your transition and visiting a realtor or rental property management team directly.
"Come directly to the office, ask questions and let realtors help you do the work," Johnson said.
Also, the City of St. Joseph has a Residential Rental Certification Program that can assist those who are seeking to place properties for rent and to assist in the approval of existing rental properties. For more information, on this program, call (816) 271-5343.
