Declining number of homes for sale

Throughout the year, there has been declining housing inventory. Several factors play into this trend as shown here. The Wall Street Journal has also cited the effect of Airbnb as a catalyst of rising home prices and rents. For the full WSJ article, click here.

National and local rent trends

Edward Kung, an assistant professor of economics at the University of California Los Angeles, told The Wall Street Journal that “between 2012 and 2016, rents rose by about 2.2 percent annually

[on average in the 100 areas].” In Oxford, the upward trend of increasing rents is exacerbated by high turnover due to student living.

Airbnb and similar services are influencing home prices and rental rates by redefining the net operating income of properties. These short-term rental services are catering to residents looking to rent their permanent homes, which serves Ole Miss weekend visitors. Consequently, this results in a smaller supply of long-term rental units and an increase in rent as well as an increase in the price of homes for sale. Simply put, these services allow homeowners to generate income from their property and increase the value of their property.