Lubbock used to be cheap, but now it's getting a little less cheap.
The cost of rent in Lubbock continues to go up, even though it's going down nationally. In addition rent in Lubbock is pacing over the Texas average.
This is according to data compiled by Apartmentlist.com.
- Rents in Lubbock increased 0.8% month-over-month in January, compared to a 0.3% decrease nationally. Month-over-month growth in Lubbock ranks #8 fastest among the nation's 100 largest cities.
This one is a heartbreaker. It's tough already to find a place to live in Lubbock and that may be part of the reason that property owners can ask more than they used to. Houses for rent seem to be getting harder to come by (for those people with pets) and now the cost of an apartment continues to go up.
I'm not really sure what can be done about any of this other than to wait it out. Those property owners do seem to be a bit more flexible when school is out and the population goes down. In addition, after having students on their property, having regular folk seems to be a bit of a break for landlords.
Then again, the report seems to indicate that Lubbock is just catching up, and even though the rent is going up, it's still way near the bottom of the top 100 cities for its median cost. That's where the bad news kind of comes in, if Lubbock is just "catching up" with the cost of rent nationally, then there doesn't seem to be much reason for it to down.
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