According to local Realtor Fred Braun, the rental market is “red hot” and the State Dept. Labor has released the numbers to prove it.
Rental prices have risen significantly in many areas, though the Kenai Peninsula is still the second cheapest area to live. The median rental rate (across all units) was $900 per month in Kenai, representing a 4 percent ($35) increase from last year. Vacancy rates remained low at just 4.6 percent.
For a three-bedroom home in Kenai, you can expect to pay $1,352 monthly, which is second only to the Wrangell Borough’s $1,015.
Prices were highest in Fairbanks, where they jumped around 6 percent. You’ll pay an adjusted $2,131 for rent in the North Star Borough.
Economists explain that the rates include average utility costs, which contributed to the relatively high prices to the north.