Lubbock rent prices on the rise, here’s why

KAMC News

On Tuesday, rentcafe.com released information about the rising cost of rent in Lubbock which prompted EverythingLubbock.com to speak with local landlords. 

Rentcafe.com listed Lubbock at the very top of a list of cities it studied. 

The typical size of an apartment in Lubbock is around 830 square feet, according to the Lubbock Apartment Association.  
 
And because the city is growing, rent is going up.
 
“Right now the average asking rent citywide in Lubbock is around $750 which is up 2-percent from this time last year,” Drew Gray, with the Lubbock Apartment Association.
 
Here are some things to keep in mind if you’re looking for an apartment.
 
“I think all of us in the industry are expecting rents to continue to increase next year and part of that comes from costs that are increasing on the ownership side,” Gray said.
 
“Is to take the square footage and divide it by the rent, that will tell you how much it’s going to cost you by square foot, that tells you value,” said Carter Stanley, owner of the Park Tower Apartments.
 
Gray believes it’s still typical cheaper than owning a home.
 
“Because of the cost involved with the down-payment, the maintenance, the insurance,” Gray said. 
 
He says renters nowadays have to keep amenities new and up to date.
 
“Vinyl plank flooring, such as two tone paint, such as upgraded counter-tops, black or stainless steal appliance packages,” Gray said. 
 
And if you’re looking to rent, make sure it fits in your budget.
 
“It’s about location, location, location, and that to a renter may mean being close to certain jobs, certain restaurants, school districts,” Gray said. 

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