MIDLAND, Texas — Rental housing has been seeing an increase in rates in both our area and across the rest of West Texas.
It doesn't really seem to matter if you're a new tenant or just renewing your current lease.
"So lately we've noticed an increase in demand and in rental rates," said Mason Sparacino, assistant property manager for Boswell & Associates. "For new tenants you're looking at probably a 20% increase than a year ago. For renewals, anywhere between a 10 or 15% rental increase."
As to why rates have been going up as of late…
“A couple of reasons why you guys are seeing some rent increases on houses are just because, on the back side of it, our investors are seeing a lot more bills on their end, whether that is an increase on their property taxes or an increase in their insurance," said Sparacino.
Other reasons why, according to Sparacino, include there just not being as many houses to go around at the moment.
“Everything is kind of going up; inflation, and as a result you got to charge a little more for rent," said Sparacino. "And you know, a lot of people are moving into town for oil, a lot of people are oil, but just a lot of people are moving in due to work. It’s just basic law of supply and demand.”
Sparacino also said that rates always have the chance to go down in the future, but he couldn’t give an idea of when that would be.