Local rent prices could rise following hike in raw material and utility costs

Published: Nov. 19, 2021 at 3:58 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

PARKERSBURG, W.Va. (WTAP) -Everything from food to gas has gone up in price as the inflation rate in the U.S. remains the highest it’s been in over a decade.

And according to Brenda Hinton, a member at Silverheels Property Management, rent prices locally could go up as well. While rent prices have increased due to supply being low since the start of the pandemic, Hinton says rent prices aren’t tied to inflation.

“Although insurance, utilities, labor, and supplies will affect our landlords and will affect homeowners, those things are not passed on to the renter as they happen,” Hinton said.

“Renters are typically in leased terms and you don’t change things mid-way for them. But, as those things create more expenses for the landlord, in the long run, it will trend the rent s higher.”

Hinton says there are several resources throughout the area they advise people to reach out to receive rental assistance. Hinton says Catholic Charities, the Salvation Army, West Virginia Coalition to End Homelessness, Community Resources Inc., and Mountaineer Rental Assistance are able to provide rent and utility assistance.

Copyright 2021 WTAP. All rights reserved.