ROSWELL, N.M. (KRQE) – The housing prices in Roswell continue to soar and rentals are becoming more and more difficult to find. This lack of housing inventory is during a time when the city is booming with possible business opportunities.
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The president of the Roswell Chaves County Economic Development Corporation, Mike Espiritu, says the issue is not just in Roswell but across the southern part of the state. “Throughout the southeast portion of our state, we all suffer from housing shortages that have a lack of inventory,” Espiritu said.
The lack of inventory can be chalked up to a number of things like the oil and gas industry, the moratorium on evictions still in effect, the material shortage, and cost.
“I think there is a direct correlation between the price of lumber and steel and of course that impacts the oil and gas industry as well,” says Espiritu. “We know that oil and gas has taken hits. They provide those products, provide a lot of the raw material needed for building and constructing.”
With more companies coming to town, especially at the air center in Roswell, the city is in desperate need of more apartments for rent to open. “The city council, the city manager, and EDC and Chaves County are working towards increasing inventory near the air center as well to provide more opportunity to attract business activity there which in turn will create more jobs which in turn will create more people coming in which will require more housing,” said Espiritu.
Home prices have climbed 14% in the last year and apartment prices have gone up 11% in the same time period. The Spring River apartment complex in Roswell was built four years ago and is in the middle of completing phase two of its expansion. There are also two new single-family apartment complexes planned for the city, they are just waiting on the final go-ahead from the city council.