Rent increasing compared to pre-pandemic rates
LONGVIEW, Texas (KSLA) - Just like most things, rental rates are on the rise.
According to an Apartment List study, rent has gone up more than 19% since March of 2020 and more than 26% in Longview, Texas.
“The trend of rent growth is pacing well behind last summer’s scorching pace, but ahead of the pre-pandemic norm,” according to the study.
Local landlord Tiffany Hyde said the COVID-19 aid for tenants actually put a bigger strain on landlords.
“We lost thousands of dollars. We’re playing catch-up from the last two years; and now inflation is making everything more expensive, including maintenance and cleanup.”
Because of that, Hyde said, there’s no way around the hike in prices.
“People think that just because landlords are landlords that ‘they’re the rich people and they’re trying to take people’s money.’ We have mortgages we have to pay regardless if our tenant pays them or not.”
Dr. David Hoaas, an economics expert, said consumers should try to stick to shorter leases so they’re not stuck with higher prices for longer periods of time.
He also noted that rent prices are rising at about the same pace as inflation, which is just over 8.5%.
The Apartment List National Rent Report also shows that rental rates from January 2017 to June 2022 have:
- Risen 29.2% for a 1-bedroom in Bossier City, population 68,248
- Risen 29.3% for a 2-bedroom in Bossier City
- Fallen 14.6% for a 1-bedroom in Lake Charles*, population 77,283
- Fallen 14.5% for a 2-bedroom in Lake Charles
- Increased 42.6% for a 1-bedroom in Longview, Texas, population 81,653
- Increased 42.7% for a 2-bedroom in Longview
(* Lake Charles was shredded by 2 hurricanes, Laura and Delta, in 2020)
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