Lubbock Association of Realtors explains why Lubbock rent is increasing
LUBBOCK, Texas (KCBD) - If you’re renting, it may be costing more now to have a roof over your head. In a few weeks, that cost may go up even more.
Forty-eight percent of Lubbock residents rent homes. The president of the Lubbock Association of Realtors, Donna Sue Clements, says those renters are paying up to $1,800 a month for a standard four-bedroom home. Part of the reason renters are feeling an increase is because the Hub City is getting more attention.
“We’re a growing city, a thriving city, we have people that are moving in every day,” Clements said. “So, because of that, we have demand for houses.”
There are other factors that go into how much you pay, including interest rates. Clements says right now, those rates are up.
“The state insurance board helps set those rates and that is something that we have to pay as an owner of the property as well. As those rates go up, we have to pass on some of those costs,” Clements said.
The cost of materials for maintenance and repairs is also up, causing property owners to pass some of those costs on to renters.
Clements says rent has actually decreased a bit recently, but it’s expected to go up because of the academic calendar.
“We really get busy in our home buying and renting season is usually right after Spring Break, so the later part of March through April, May and June,” Clements said.
She says to lower your overall cost of living, it’s best to work with a property manager when renting because they can help work in utilities, yard maintenance and upkeep into your lease.
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