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Friday , October 19 2018
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Tag Archives: el paso apartments

Report: El Paso’s Apartment Rental Prices Among the Lowest in the Nation

A newly released report reveals that El Paso-area apartment rental rates are among the lowest in the country.

According to the national rental research firms RENTCafé and Yardi Matrix, their monthly report –December Apartment Market Report – has the apartment market finally slowing down, giving rent-tormented residents some room to breathe.

As their December data shows, rents have dropped for the 4thconsecutive month; but not all cities are created equal.

While renters in  El Paso, Houston, San Francisco, and San Jose may find that this is the best time to rent, with rent growth at minimal levels and even free incentives on the table, other renters are not that lucky this time of the year.

Two California cities, Sacramento and Stockton, saw rents skyrocketing this past year with rent growth at 12.2% and 10.6%, respectively, on a year-over-year basis.

Some other highlights from the report:

  • El Paso renters may call themselves lucky as their monthly rents are among the smallest in the nation, approx. $752/mo. on avg. Rents in the city have only increased 0.4% on a year-over-year basis, making it the market with the 7th slowest growing rental prices.
  • The average US apartment rent decreased for the 4th straight month, reaching $1,210 in December.
  • The decline was particularly significant in some historically tight (or rather outrageously expensive) markets, such as San Francisco where rents are down 0.9% year-over-year.
  • While rising inventory levels may help rent growth cool down to some extent, Manhattan still remains the country’s most expensive market with average rents north of $4,100/mo.
  • The cheapest big city to rent an apartment in the US is Wichita, KS where rents hover around $631/mo. That’s nearly 7 times cheaper than Manhattan’s average monthly rent.
  • National rents have indeed lost $4 in December compared to the previous month, but they’ve gone up a substantial 4% over the past year.

*This study was conducted by apartment search website RENTCafé using data from sister company Yardi Matrix, an apartment market intelligence provider that reports on all multifamily properties of 50+ units (14.7M units and >78,000 properties) across 124 markets covering >80% of the population in the United States.

Report: Rising rents mean fewer opportunities

AUSTIN, Texas – Where you grow up has a lot to do with your opportunities for success in life, according to a new report by the Center for American Progress.

Sarah Edelman, the study’s co-author, says because rentals are too expensive in high-opportunity areas, places with good jobs and schools, and access to safe playgrounds and grocery stores with fresh produce, low-income families end up in high-poverty areas. Edelman says high rents also have led to an increase in racial and economic segregation.

“In most of the markets we looked at, we saw a pretty significant mismatch between where you can afford to rent a place if you’re low income and where the places of opportunity are,” she says.

The report found the available inventory of affordable rentals isn’t enough to provide housing for even a third of the nation’s low-income families. Edelman adds almost half of all renters spend more than 30 percent of their income on housing, and more than a quarter spend at least 50 percent, sharp increases from just a decade ago.

Edelman says the combination of stagnant wages coupled with continuing cuts to social services and housing programs has kept millions of Americans stuck in areas with fewer opportunities for advancement. Edelman says eliminating restrictive zoning in more affluent neighborhoods and giving tax credits to renters could open the door for more families.

“We also need more investment in low-income, high-poverty neighborhoods,” says Edelman. “One really cost-effective way of addressing this affordability squeeze is to focus on preserving the affordable rental units that we already have.”

Edelman says more than 2 million affordable rental units are currently scheduled to phase out over the next decade if they’re not preserved. The report also recommends expanding the federal Housing Choice Voucher program to help more families. Edelman notes that only a quarter of eligible households today actually receive rental assistance.

Author: Eric Galatas – Texas News Service