Rent prices in Lubbock have increased

LUBBOCK, Texas (KCBD) - Have you ever wondered how Lubbock rentals compare with other cities?

It’s not news to anyone that rent has steadily been rising in the past years; according to ApartmentList.com, the national rent index increased a marginal 0.1%.indicating the lowest growth in 2021. As rents have increased sharply over the past year (almost 18% in 2021), 53 of the countries’ largest markets have reported declines (including New York City, Phoenix, and Miami).

The national average for a two-bedroom is $1,285.

Plano was the most expensive of all major cities in Texas, with a median two-bedroom rent of $1,875 (a 23.2% year-over-year growth)

El Paso reported an average of $920 for a 1-bedroom and a two-bedroom approximately $1,132, a 15.8% growth.

And Austin experienced the fastest growth at 15.3%. The average rent for a 1-bedroom is $1,715, while the average rent for a 2-bedroom apartment is $2,157.

As of right now, median rents for a 1-bedroom apartment in Lubbock stand at $747 and $928 for a two-bedroom. Lubbock’s year-over-year rent growth lags the state average of 15.2% as well as the national average of 17.7%, but as we enter the slow quarter (winter season), the market begins to cool.

While New York, Boston, and Los Angeles seem appealing, they are more crowded. Besides the high-paying jobs and urban amenities, there are the high costs of living as well. Renters are finding Lubbock has reasonable prices in comparison to most larger cities.