Great News! Rent Prices in Texas are Dropping
Living in the US today has brought many challenges, especially financial challenges. Prices have risen on everything from gas to eggs, to the cost of a place to live.
It has created struggles for many people, including those in the great state of Texas. Paying rent has been a struggle for those who don't own a home. When prices go up, those who own rental properties have to raise their rent prices to be able to afford the upkeep of those properties.
Usually, when prices rise they don't go back down, but here's the good news on the rising cost of rent. It's no longer rising it is falling.
According to rent.com, yearly price changes to rent have fallen for the first time since March 2020. May rent was down .57%. Prices have fallen monthly in six of the last 9 months.
Currently in Texas, the cost of rent has dropped by 3.98% from the previous year. Month-to-month rent prices have dropped by .11%.
Dallas rent prices have dropped 1.61% from a year ago. Houston's rent prices have dropped 8.42% in the last year. Austin's rent prices have dropped the most, and they are down 20.76 percent in a year.
This is good news for a lot of people who rent. Prices have been skyrocketing over the last few years and now it's time for a breather, especially for those who are struggling to make ends meet.
What does this mean for current renters?
If your lease is coming up for renewal you might be bracing yourself for an increase in your rent. However, since the markets are cooling, 48% of the landlords surveyed by rent.com said that they are not planning on increasing the rent prices. By raising the rent they lose a lot of tenants and without tenants in the building, the property owners are not making any money.
Plus, since the market is cooling, you might be able to negotiate your rent. According to this same study, of those who did negotiate with their landlords, 25% were successful, especially if they have lived in the apartment for many years. However, you might have to negotiate a longer lease, but at a lower price.
Lower rent or rent not changing is a very positive thing for those who rent in Texas.