It's a basic need -- shelter. The cost of living on Guam is soaring and pricing out residents looking to buy a home or just have a roof over their heads. Houses for sale around the island now range from $260,000 to as high as $450,000, and some of those homes need fixing and renovations. Not only that, but the rental rate for houses and apartments have also seen a surge.

Associate broker for RE/MAX Diamond Realty Liz Duenas told KUAM News the reason for the spike, saying, "There are a number of markets. You’ve got section eight tenants, which is subsidized housing paid by the government. Those rates now for a three-bedroom has gone up from $1,200 to about $1,800. If it’s a four-bedroom, it’s gone up to about $2,200."

And the other reason for such high housing

rates is landlords catering to military personnel stationed on the island. "A military tenant's rental rate is $2,200 for a single guy, $2,205 for a single individual and the rental rate for a family is $2,450," Duenas continued to explain. "If I got two military tenants, then I could rent it for $4,400."

Supply and demand also play a factor in the island’s housing and rental market. "It’s just subject to the supply and demand. Anywhere you go it’s about supply and demand and if something sits for a while, then of course, the market starts to drop a bit," she added.

But with these high rates, where does it leave regular island residents? According to Duenas, it’s finding someone willing to help split the rent cost. She said, "What we’re seeing is people are either staying at home, they’re staying with mom or a relative and they’re helping by paying some rent money. We’re also seeing, with applications we’re getting, we’re seeing, maybe, two couples are renting a house or an apartment condo. So there are more people getting together to rent properties.

"So it’s a bit different now and I guess it’s the only way to make it affordable for individuals for rental right now."

Some families around the island cut up their homes, meaning they renovate a room or a garage to rent out to a family member or friend. Duenas says that doing this helps the owner of the rented space pay for their mortgages or additional bills.