There is a hurry
When I picked up the May 12 edition of the News&Guide my eyes were immediately drawn to a Guest Shot written by Paul OâBrien titled âItâs still a demand problem: Thoughts on northern South Park.â His opinion rings mostly true, but I respectfully disagree with his assertion that âthereâs no hurry.â
The housing situation in Jackson Hole has gone from concerning to dire in a matter of months. Real estate prices have risen meteorically, pricing out most doctors, let alone those who have jobs in the tourism industry. In the rental market the effects of this increase in prices are beginning to be felt. As longtime landlords who purchased properties years ago for $100,000 to $500,000 sell to new landlords for $1 million to $3 million, the new landlords are forced by the magnitude of their investment to raise rents dramatically. A bedroom once rented for $800 becomes $1,800. A house that rented for $2,000 a month now fetches $5,000. There will be no slowdown in this trend, and in the next three to five years the increase in rents to keep up with rising real estate costs will likely price out the majority of our workers in the county, if this hasnât happened already.