MIDLAND, Texas — With the New Year, 2024, only weeks away, many may be thinking about that new home. If you're thinking about renting, you may want to snag that home soon.
According to the Permian Basin Board of Realtors, the price of rent on single family homes are going up.
"I just got done talking to one of the prominent property management companies in Midland and they’re seeing houses they were listing and renting for $1600, $1700 a month now going for about $1900 a month now year over year," said Lance Welch, president of Permian Basin Board of Realtors. "We’re seeing a little bit of an increase."
These homes are also not staying on the market for long.
"If you have a group of people that are wanting to move pretty quick then now would be a good time and be diligent about the house that you’re looking for as far as the rental side because like we were saying most of them are lasting three, four, five days maybe a week with multiple applications in," Welch said.
As far as trends, during December 2023, not too many people tend to buy or rent. However, when the New Year comes knocking that won't be the case.
"Mostly in December you're seeing a little bit of a dip in the market as far as how many are being sold and how many are being leased," Welch said. "Come the New Year that first quarter always ramps up and when we get into March, April people are looking for homes in the Summer so it ramps up even more."
Welch's advice to those looking to rent is find a place in the right area for the right price.
"First off drive around, drive around the area see what you like and what appeals to you but really after that look at your budget," Welch said. "Don’t become house poor whether that means buying or leasing."