ST. LOUIS, MO (KMOX) - The best properties in the St. Louis region are only available for a day a two. We're not talking about homes for sale. As KMOX News has learned, the rental market is just as hot.
"People call us and they're like 'I need a house.' We don't have a house, " says Chris Andoe, Leasing Director at Efthim Company Realtors in St. Louis, "I can just tell them point blank. It doesn't matter, city, urban, rural, we don't have one." Andoe tells KMOX, inventory of properties available to lease is way down. Single family homes can go within a day.
Leasing rates have risen with inflation this year, but he says he's had little problem filling higher end rentals. "There are a lot of people out there who don't seem to mind paying $1300 for a premium one bedroom maybe near the Botanical Gardens. I've been in this business since the '90's. I remember when these apartments rented for $475 a month."
Andoe says typically there would be a lot of movement within the rental markets over the summer months, but this year, tenants are staying put and asking to renew. He says that may be because some of them can't compete right now to buy a property.
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