LUBBOCK, Texas – Since January of 2020, apartment rent in Lubbock has gone up 9%.
The Lubbock Apartment Association said there are several factors that contribute to this, including rising inflation, property tax, material costs, and insurance costs.
Tanner Noble, the president of LAA said, “Rising inflation is impacting everyone, from the food that we buy and gas that goes into our vehicles, and to the homes that we live in; whether we rent or own those homes.”
At one of their properties, Noble said their insurance premiums went up three times as much, or 300%, from last year to this year.
Eventually, those increases have to get passed on to the tenant.
According to their data, the state of Texas has gone up 17% and nationally, rent has increased 16%. Unfortunately, there are no guarantees as to when or if the prices will go down again.
“As long as the economy continues to grow, and inflation keeps bringing prices up, I don’t see an end to it anytime soon,” Noble said.
However, most landlords are doing their best to keep these increases as bearable as possible for their tenants.
Noble said the best thing people can do to help keep their rates down, is to vote. By paying attention to what’s going on with the property tax situation and just having a voice is what will help keep those costs down.
