WACO, TX — Rent is getting tougher to pay as rent prices increase in Waco and across the state of Texas, according to a study by Apartment List.
Last month, rental prices in Waco have moved up over 1 percent.
The median price of a two-bedroom in Waco is $835, where in Texas the median now $1,066. This is 1.5 percent up from October 2018.
Texas’ 10 largest cities have all shown rental price increases over the past year.
A recent report shows that in Waco, 54 percent of renters are “cost burdened” and almost 49 percent of Texans are as well.
This means rent expenses take up more than 30 percent of household income in Texas and 27 percent in Waco, according to Apartment List’s 2019 Affordability Study.
Although Waco and other major cities have seen an increase, several cities nationwide saw a decrease, including cities like San Francisco and Atlanta.
Some impacts to the rental market come from social distancing guidelines that restrict moving activity and economic instability.
The economic fallout and continued uncertainty due to COVID-19 presents the rental market difficulty over the next few months. Even though shelter-in-place is starting to loosen in many parts of the country, returning to normal and large parts of the economy remain at a pause.