Wednesday, April 9, 2014

El Paso Rent Growth 2nd Fastest In U.S.

Rental rates in the Sun City have risen faster in the last five years than cities like New York and San Francisco. That’s according to the online investment analysis site Nerd Wallet, which compiled a list of cities with the fastest-growing rents.

Fastest-Growing Rent

Via:  NerdWallet

Since 2009, rent has risen 33.5% in El Paso, largely in part to a major increase in demand due to an economy bolstered by Fort Bliss. This puts El Paso at number two on the list. The site states that a thriving energy industry and a large presence of federal regulatory agencies also add to the local economy.

Rents in the United States are rising an average of 3.9% per year, nearly twice the inflation rate, with prices surpassing $1,000 a month on average. With mortgage rates still near all-time lows, some may find it cheaper to buy a home instead of renting.

At current average rates, a full-time worker needs to earn $18.92 per hour in order to rent a two-bedroom apartment without spending over 30% of their income on housing, according to Nerd Wallet.

Texas features prominently on the list, with three of the top five cities located in the Lone Star State. McKinney, located near Dallas, topped the list with a 42.6% increase in rents in the last five years. Brownsville came in at number four with a 28.5% increase.

The list of the top 20 can be seen at Nerd Wallet’s website, www.nerdwallet.com.

4 comments:

  1. I really think that land lords and corporations are taking advantage of El Paso's tenant apartment renters overall!
    What El Paso renters need to do is lobby city council to put Rent Control on the ballot,then the voters can decide either to approve legislation to keep high rents or to cap them.But I don't see that happening because most apartment units are owned by out of town corporations that have already slip money under the table to previous city council administrations.Besides the rent money goes out of town,but still I don't see the reason for high rents in El Paso, El Paso is not a resort city or major place of interest where people are flocking just to move here.I know what it's like to move away from El Paso then come back and find it almost twice the size then when I left, but high rents? you got to be kidding, renters are getting hosed.

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