Local home owner and realtor impacted by rental rates up, up and away

As Action 2 News previously reported, the national median rent was $1,792 two months ago.
Published: Apr. 3, 2022 at 5:59 PM CDT|Updated: Apr. 3, 2022 at 6:19 PM CDT
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GREEN BAY, Wis. (WBAY) - As home and rent prices hit a new record, many people are left struggling just to make ends meet.

As Action 2 News previously reported, the national median rent was $1,792 two months ago.

That’s a 17% increase from a year ago, according to a report from Realtor.com.

Kaitlyn Rome and her husband recently bought a home in the Green Bay area.

“It’s a very discouraging market right now, renting and owning. It’s all kind of crazy. We bought our first home in 2017, the market was way different than it is today and we kind of caught glimpse of that when we sold our home back in September and we benefited from it. But now we’re on the opposite end of the spectrum and it’s awful,” said Rome.

Rome and her husband found the cost of owning a starter home was more affordable than rent on a similar-sized apartment unit, but the increase of housing prices still puts them on a tight budget.

“To kind of look around and look at all these houses that you would probably spend a different amount of money on, but now you’re going to be spending upwards of that $20,000, $30,000 extra, that’s so upsetting. Because it’s something I could afford this if the market wasn’t here right now,” Rome said.

Rent for studio’s, one bedroom and two bedroom units all saw double-digit increases over the past year according to the same report.

One local real estate broker says recent demand is outrageous compared to years past.

“In Brown County right now just for active homes, any price range, anything currently available we have a total of 134 homes available to purchase. So we should really have closer to 600 homes available for people to see right now,” said Brittney Kleifgen, real estate broker and owner, Main Street Management.

Kleifgen says that shortage in real estate to buy is causing an increase in prices, but there’s also a shortage in properties for renters to live in as the demand continues.

“We have not had any issues filling our units. We are at 99% occupancy and if you talk to most of the management companies in the area, everybody’s experiencing the same thing,” said Kleifgen.

“Everyone’s starting to be able to have this common struggle that we all can agree is just too much,” said Rome.

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