Rental Prices In Lubbock Continue To Increase
I remember when I moved to Lubbock in 2001 to attend Texas Tech University that there were a ton of apartments being built in Lubbock. At that time, those who may not remember, the north Overton redevelopment project had just begun and you could walk across the street from Jones AT&T Stadium to a neighborhood and apartments. There was no Marsha Sharp Freeway.
Things have changed and so have the prices.
After my first year at Texas Tech, I moved into an apartment complex right across from Texas Tech. It was a one bedroom apartment right next to the pool and before the Marsha Sharp Freeway came through, I could be on campus right away. It was also cheap compared to apartments these days. I believe the rent was around $450 a month. That was in 2002.
According to a study done by Self Financial, Lubbock rental prices have gone up big time. Since 2010, rent has increased 25.9% in Lubbock. The data taken from the Department of Housing and Urban Development shows that the average rental price for an apartment is $1400 per month.
Below is the summery data for the Lubbock area.
- Average 10-year change in rent (all sizes): +25.9%
- 10-year change in median household income: +39.5%
- Median studio rent: $651 (+29.7%)
- Median 1-br rent: $752 (+22.1%)
- Median 2-br rent: $911 (+18.3%)
- Median 3-br rent: $1,314 (+19.9%)
- Median 4-br rent: $1,599 (+39.5%)
Overall in the United States, rent has gone up 30% in the last ten years and it will probably continue to increase.
While you make think Lubbock's increase looks large, it's nothing compared to other cities in Texas and across the United States. Take a look all the information here.