HARRISONBURG -- Newer properties in Harrisonburg are giving students more options and competitive rent. That may be good for students, but it is a problem for renters in the area.
The foreclosure of University Fields last month may be a sign of future trouble for renters. With new properties like Aspen Heights being built, it makes renting older properties more difficult. Renters have cut pricing and offered other incentives, as well as tried to diversify.
"Something that may have used to of been 100 percent student rentals may now be 70 percent students and 30 percent residential tenants so that they can fill the vacancies that they have because of the amount of student rental properties," said Paul Riner, owner of Riner Rentals.
The trouble with renting may be a sign of a nation wide problem, as rentals increased by less than .5 percent this year.