Cost of rent in Fort Wayne up 2.4 percent since the start of coronavirus pandemic

A new Apartment List report shows the cost of rent is up 2.4 percent in Fort Wayne since the start of the pandemic.

Many residents say they moved to Fort Wayne for the low cost of living and affordable housing.

That may be changing.

Us into your home tonight.

A new apartment list report shows the cost of rent is up 2.4 percent in fort wayne since the start of the pandemic.

Fox 55's nico pennisi speaks with a real estate agent about the increase.

Stand up: many residents say they moved to fort wayne for the low cost of living and affordable housing.

That may be changing.housing economist for apartment list chris salviati says the median rents in fort wayne currently stand at $637 for a 1-bedroom apartment and $800 for a two- bedroom."

The urban cores of san francisco, seattle, boston, and new york city continue to see rent prices fall rapidly, while many smaller markets and suburbs are actually getting more expensive."

Salviati you may notice apartment complexes popping up all over town.

The newer, more modern, more renovated they are, the higher the price.

Real estate agent patrick harris says this is contributing to the rising cost of average rent.

"property will sell for what people are willing to pay for it."harris says those numbers have been inching up since before the pandemic.

"right now because of scarcity, it is supply versus demand."

Harris there are currently 246 active listings in fort wayne and 263 for allen county on the mls.

Harris says 5 years ago, there were between 2500 and 3000 active listings at any given point."this is dangerously low inventory for our area."harris says there are a mix of reasons why."a lot of it is new industry is coming to the area.

That's created a housing shortage in and of itself, you can only be so prepared.

Additionally, there are situations with rentals right now where, if you've got a good rental you're holding on to it for dear life."this means if you see a property you like, you need to be quick to respond, otherwise you risk losing the deal.

He says if you see a property you like today, don't assume that it'll still be available tomorrow.

Stand up: harris warns people to not use craigslist for rental searches because he's found that the majority listed on there are fraud scams to steal people's money on fake deposits.

In fort wayne i'm nico pennisi fox 55 news for more information about the apartment list report, visit our website at w f