Jacksonville Rental Supply & Demand KEVIN FORSYTHE February 12, 2008 - 12:57AM The coming troop buildups are expected to boost the local economy. But questions persist about just where nearly 10,000 more military and civilian personnel - along with their families - are going to live. Real estate brokers are confident the supply of homes for those wanting to purchase will be sufficient. But what about those looking to rent rather than buy? Will there be enough rental units available? Will the price for available rentals be affordable to the military community? One thing seems certain, there's no definitive answer to the questions. "With the influx of both military personnel and civilians, there will be a need for additional (rental) units," said Tara Walcott, a Realtor with Military Relocator Real Estate and Property Management. The agency she represents assists home buyers and sellers, but also manages rental homes for clients. She reports that the rental market already is tight - Walcott said they currently have only one home available for rent. Kimberly Branch, general manager of Bluff Ridge Apartments in Jacksonville and a local member of the Apartment Association of North Carolina, agrees with Walcott's assessment of the rental market. "The occupancy rate locally is between 95 and 100 percent," Branch said. She warned that those looking for an apartment can expect to be on a wait list. Branch reported that Bluff Ridge has for some time been at 100 percent occupancy. "I wish I could house everyone who comes in, but it just isn't possible," she said. Jan Quinn, executive officer of the Jacksonville Home Builders Association, said she is unaware of any of her organization's members involved in building apartments at this time. Mike Tuton, vice president of Hunter Development Corp., said that to this point, his company has predominantly stuck to building homes - but that may soon change. "We are likely to be changing focus as a direct result of the expected increases (in population)," Tuton said. Tuton admitted the past six months have seen a slowdown in area new home construction. "But it's not nearly as bad as in a lot of other areas," he said. The need for additional rental units in the region may offer the perfect resolution to a slow down. Cassia Roberts and her fiance, Lance Cpl. John Campbell, just moved into their rented trailer two months ago and can attest to reports about the rental market being tight. "We spent about two months looking for a place," Roberts said. "It really wasn't easy finding something at the price we were willing to spend." Campbell said that, along with price, location was a factor as well. "We wanted something close to the base," he said. "That kind of narrowed down our choices." The couple said they considered themselves lucky to have found their reasonably priced trailer off Piney Green Road. They did admit they had to make some concessions with regards to amenities. Roberts said that she has several friends who also found the current rental market disappointing. "But, if you're willing to spend $700 or more, there seems to be a lot more choices," said Roberts. Walcott said $700 is the average price for a two-bedroom apartment in the Jacksonville area. For Sgt. Jeremy Kim of Jacksonville and his family, finding a rental home, rather than apartment, was a quick and easy process. "We thought there were more than enough homes to choose from," he said. "I'd say the prices weren't that bad either, especially if you're married." Married military personnel receive a higher basic allowance for housing than those who are single. For the Kims, it took only two days of looking before they found their three-bedroom home. Rental homes in the greater Jacksonville area vary greatly in size and monthly rent payment. "There are homes out there for rent that would sell for more than $300,000," Walcott said. The Kim family moved into their home five months ago after residing in base housing for four years. When military personnel first arrive at Camp Lejeune, their orders direct them to check in with the base Housing Office. In addition to assisting with base housing, the Housing Office provides a number of services to those interested in renting off base. Donna Velez, housing referral officer, reported the Housing Office last year helped 12,444 find on-base housing and 4,741 find off-base housing. Those seeking off-base housing are provided with an information sheet that contains data on 34 apartment complexes in the area. The information sheet, which is periodically updated, includes name and address of apartments, the number of bedrooms, monthly rental fee, amenities and whether or not the complex participates in the military Set-Aside Program. Set-Aside participants waive all or part of any security deposit generally charged. In that case, the Housing Office guarantees the amount of the set-aside. Housing Office representatives also conduct inspections of rental properties on the referral list to ensure the property is clean and in good condition. When issues between off-base military tenants and landlords can't be resolved by those parties, the Housing Office can step in and help. "If needed, a ternate mediation service is available upon request," said Velez. "We serve as a neutral mediator to assist both the service member and landlord come to an equitable conclusion on any issues they may have."But in most cases, said Van Dupuis of VIP Realty Group in Jacksonville, a monthly mortgage payment would cost less than the monthly rent on a comparable home. Contact Kevin Forsythe at kforsythe@freedomenc.com or 910-353-1171, ext. 8449. Visit www.jdnews.com to comment on this report. Information provided for you by Renee Taylor, Broker Exit Realty Hampstead, NC 28443 (910)538-2399 Renee@realexit.com Search Here for homes in Jacksonville, Hampstead and surrounding areas

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