GIRARD, Ohio (WKBN) – Those involved in the local real estate market think the busy pace of buying and selling homes could also have a spin-off effect on local apartment rentals.

Workers with Warren-based Brookfall Group cut the ribbon for their recently remodeled apartments and townhouses in Girard.

“Renovated 17 apartments here at a cost of $250,000,” said Matt Pugh, a spokesperson for the Brookfall Group.

Brookfall operates 11 properties in Mahoning, Trumbull and Portage counties with 1.000 apartments in all.

Pugh said the remodeled units are for rent under $1,000 plus utilities–compared to mortgage rates for “In existing homes or the higher price of building new.

“In this region, occupancy is at 98.2% for rentals,’ he said.

Real Estate agents admit some of that business is being generated because of the busy housing market where owners are able to sell their properties faster than they can find new ones to buy.

“They don’t necessarily have somewhere to go. We are finding them renting for six months to a year, maybe month to month, and they’re finding their dream home from there,” said Jennifer D’Allessandro, with Altobelli Real Estate.”Just a lack of inventory. Even with interest rates going up, things are still moving.”

The renovated apartment units are unoccupied but Pugh expects them to be filled soon.