Thursday, May 12 2022

Central Texas housing experts say rents have risen at least 25% in 18 months and most apartment complexes are around 95% occupancy.

TEMPLE, Texas — The housing market has skyrocketed over the past two months, and that’s not just impacting people looking to buy a home.

Those who rent apartments are also feeling the pinch and have slim options to choose from.

New 6 News reporter Meredith Haas starts in early June. She moves from Philadelphia to central Texas, but struggles to find a place to call home.

She began her search just over a month ago, looking specifically at apartment complexes in Belton, Temple and Waco. Across all three cities, she found similar results — limited options because most resorts are full and have a waiting list, as well as one-bedroom apartments that don’t fit her budget.

“The price of an apartment and how high those prices are are of deep concern to me,” she said. “It’s like how am I supposed to start in this big bad world if I can’t even step foot in the door and live.”

Haas tells her future co-workers that she’s going to have to compromise and budget more each month because she expected to pay maybe $700-800 a month in rent. With her findings, she said she would likely pay over $1,000 a month.

Barbara Bozon, the executive director of the Central Texas Housing Consortiumtold 6 News that its quarterly reports show rent in the area has increased by at least 25% over the past 18 months.

She says the supply and demand for apartments is the main cause of the increase in rents.

“Central Texas is obviously growing by leaps and bounds and so there’s a demand,” Bozon explained. “As the market has changed and changed, people are starting to rent more instead of being home buyers, especially with the drastic increase in housing prices and limited availability. Homes are selling so fast, so it there are more tenants too.”

Looking more closely at the cost of the Temple apartments, according to Apartments.comas of this month, the average apartment rent in Temple is $862 for a studio, $817 for one bedroom, $947 for two bedrooms and $1,265 for three bedrooms.

“I think it’s a little unfair to tenants that some prices are going up so drastically, but it’s supply and demand and unfortunately apartment complexes can get those prices because people can’t not go anywhere else,” Bozon added.

High rent prices soon leave college grad Haas, who is about to start her first job, stunned. She told 6 News while looking for apartments in central Texas from Philadelphia, she found rental prices posted on the internet to be misleading.

“The information I found regarding one rental, or many different rental properties, or the specific room itself, was not what I was calling,” she explained. “I was calling for a property and the price listed on the website was lower than what was quoted to me by the manager I spoke with on the phone.”

Haas said not only rent prices were problematic, but also limited availability. Many properties had no units available for months or had to be added to a “waiting list”.

“They didn’t tell me where I was on that waiting list,” Haas said. “I didn’t know where I would be or if I would be called.”

Bozon says many apartments in the Temple district remain around 95% occupied, with a few exceptions.

Some advice from Bozon to Central Texans looking for an apartment to rent includes doing your research on properties, and maybe also considering compromising on features or amenities, or you’ll pay the price. price.

“Maybe you don’t necessarily need all the bells and whistles, so maybe you can look for something a little more affordable,” she said.

It was a difficult but eye-opening experience for Haas, but she learned a lot. She recommends contacting the properties and staying in communication. but more importantly, start your search as early as possible.

“Exposing myself, getting on the list and getting things done well in advance has given me some breathing room.” Haas said.

Previous

Menomonee Falls planning for two apartment buildings near downtown

Next

Hamptons Brokers sued for having sex in customers' homes

Check Also