According to Chip Watts, president of Watts Realty Co., three major areas revolving around “uncontrollable expenses” are impacting rents in the Birmingham market. This includes comparative sales increases causing property taxes to rise and be recouped through increased rents, insurance replacement costs driving up insurance premiums and the rising cost of general repairs because of market conditions.
“We expect rents to continue to rise as a byproduct of inflation,” Watts said.
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