BISMARCK, N.D. - A little relief for renters – according to a new national survey, housing prices are on the decline.
Here in North Dakota, the receding oil glut, has opened up a lot of real estate.
“There’s definitely more vacancies available now – especially with the big apartment complexes, now we’re seeing there’s free rent being offered, and before that, you could barely even find a place,” said real estate broker associate Kirstin Wilhelm.
According to ApartmentList.com statistics, the average Median 1 bedroom in North Dakota is renting for $570.
That’s down one point five percent from last year.
“I think the lower the rent, the better, because it keeps more money in the renter’s pockets, which can be translated to the community,” said Bismarck Renter TJ Jerke.
Wilhelm says another reason for the available apartment surplus – is that more people are buying.
“In Bismarck we have a high number of homeowners versus renters.”
Apartment list says, the time to buy is now.
When factoring in net costs, budgeted buyers will likely see return on their investment in a little over two and a half years.
It’s appealing alternative for many renters.
“We’re throwing a blank check into a dark hole that we never get to see a return on that investment” said Jerke.
Real estate agents say right now buyers have the luxury of being able to shop around since availability is abundant.