Are you looking to rent in Lubbock, Texas? Perhaps you’re moving from another city or even another state. Or you have been in Lubbock for some time but are finally renting your own place.
Either way, it’s easier to move when you understand the cost of living where you go. In this article, we will discuss the median rent for Lubbock as well as what different sized apartments might go for while touching on renting a home.
How to Find the Average Rent in Lubbock, Texas
Out of the 50 states and 6 US territories, Texas has the 26th highest rent. The rent itself changes depending on the area. For example, for a 2-bedroom apartment in one county, you could pay under $800 a month, while in a different county, a 2-bedroom might be well over $1300.
In more recent times, the pandemic has factored in, and with the slow return to normal in 2021, things may be a bit different when it comes to renting in various parts of the country. While examining the national numbers, we can follow the trends and finally see where Lubbock lands.
According to the Rent Report provided by apartmentguide.com, there is a change in demand recently compared to the start of the pandemic. Demand is increasing for places to live, leaving year-over-year averages up in most unit types.
The rent report tells us that studio apartments average at $1630, 1-bedrooms are not that much more on average at $1663, while 2-bedrooms hover closer to $2000 with a $1934 average. 3-bedroom apartments similarly are $2069 on average.
Average Rent in Lubbock, Texas
As of 2019, according to the government census survey, the median rent in Lubbock was $959 in 2019. This is not the same as the average rent, along with the more recent median rent will be released later in 2021.
Other statistics from the department of numbers in Lubbock say that the median and average rent prices are not that different with the real median gross at $959, as mentioned. In contrast, the average gross rent was as high as $979 in 2018, but is lower now at a 2.66% rate.
Lubbock Median Rent as a Fraction of Median Household Income
Lubbock, TX 21.08%
Renter Fraction in Lubbock Texas
The percentage of median Lubbock family income necessary to pay median monthly gross rent reached a high of 22.78 percent in 2012 (compared to the 2005 series origin). It has dropped 1.70% to 21.08 % since then.
The renter fraction in Lubbock can be calculated in different ways: by units (living spaces) or by population. The number of renting households in Lubbock as a percentage of total Lubbock households is calculated using this metric. According to Census ACS data, 42.86 percent of households were renters in 2019.
With the majority of states seeing rent increases, one-bedroom apartment pricing is more closely like a 2/3 vs. 1/3 mix. Meanwhile, the cost of renting a two-bedroom apartment is soaring.
Rental Trends from the Spring
Rental trends can be straightforward in terms of numbers, but other trends in the rental industry are worth noting.They are particularly different with the pandemic and our slow recovery from its effects.
Mostly, these are reflections of the government and what it did during the crisis. For example, in finding aid quickly. For residents, the future is looking up, as the vaccine is being distributed. However, the industry benefits in the end due to this new demand for renting apartments or homes. Luckily, assistance is being given to those renting.
The assistance or aid given by the government showed the importance of distributing federal aid for renters. Nearly $50 billion was used by the government to provide rental help, as alternative support for housing residents. Now, the priority is for lawmakers to distribute the funds both quickly and efficiently to residents and housing suppliers.
In April, the current administration stepped up efforts to try to simplify that. The United States Treasury extended a less complicated application method, a wider web of prices to incorporate moving fees, and a mandate for housing programs to help tenants — even those whose landlords do not participate.
Increasing fears of inflation might affect rental costs, however, as COVID-19 vaccinations continue and as the economy starts to re-open totally, new fears are mounting regarding a possible increase in inflation — which might come with the potential for higher rents along with the costs of other necessities, like groceries and gas.
More about Lubbock
With all of the numbers and trends laid out in front of you, why not also focus on the city itself while you consider renting. Lubbock happened to be listed as one of the best places to live in Texas on rent.com, which offered a less statistic-based approach to living in the city.
With a median household income of $50,453, studio and 1-bedroom apartments averaged at $592 and $685 respectively. The 2-bedroom average jumped up a bit at around $891.
Lubbock made the list not only because of the cost of living but the conveniences and comforts offered in the city. It is a friendly, safe place that is good for families. It has a small-town feel and southern charm with plenty of outdoor activities available. This isn’t to say that no thriving scenes are happening in Lubbock whatsoever.
Art and music are quite vibrant in Lubbock and if you are interested in those things, renting a home in the city would be well worth it.
It might be this small-town atmosphere that makes the rent more affordable than other Texas cities such as Austin or Dallas. However, the city still has plenty of things to do that make its rent worth it, as well as a slightly less hot climate than other parts of the state.
Hopefully, you can better understand rent prices, trends, and statistics from Lubbock that can help you make your move into a new place easier. Lubbock is, luckily, far from having the highest average or rent prices in the country, so the city should be easy for anyone to make a home for themselves there.