WACO, Texas (KXXV) — Chris Meza with Carbajal Realty in Waco discusses how summer rent prices will shake out and the 'Baylor Turn' takes effect.
- In Apartment List’s rent report through April of this year, rents here fell 0.1% compared to a 0.5% increase nationwide.
- In the summer months, you usually see rent prices increase, but if you're a renter in the market for a new place, don't be afraid to use your negotiation skills.
- The 'Baylor Turn' refers to the spring semester ending, graduation happens, and summer and fall semesters begin with those vacancies taking place.
BROADCAST TRANSCRIPT:
As another school year comes to an end, all eyes are now on the summer months.
“Summertime is when people like to move families like to find their new location if they found a new job, they like to move during the summer so they're not displacing their kids during the school year we see a lot of activity during the summer,” Chris Meza, Managing Partner and realtor at Carbajal Realty said.
But what does this activity look like for Waco? In Apartment List’s rent report through April of this year, rents here fell 0.1% compared to a 0.5% increase nationwide.
“I don't think Waco residents should be concerned about uh the rent decrease. As a matter of fact, I think Waco residents and tenants can probably be appreciative of the rent decrease recently in our market and stuff, not just in our market, but across the nation, we've seen a lot of increase. In our economy across the board, and so with that said, I think anybody within our market can appreciate a decrease when we see one,” Chris said.
But as the mercury rises here in Central Texas, and this college town clears out, will the rent prices go back up? Chris has a unique explanation.
“Here in our office, we call that the Baylor Turn. That's when spring semester ends, graduation happens, summer and fall semesters begin with those vacancies taking place,” Chris said.
“There, there's a science and madness behind this, students understand the Baylor turn. When they sign their summer and fall leases, they begin to understand their situation, their roommates, the property, the location is this where they want to be continuing moving forward. If not, they understand that they need to look for the next place as soon as possible, and so the Baylor turn takes place in the summer and fall months,” he said.
“We may see the rental median price go up here in our Waco market slightly for those months as this Baylor turn takes place and those new leases take effect,” he said.
So, how can we take advantage of the Baylor Turn?
“I advise you to, you know, contact your local property management companies like us, and other companies in town, and take a look," Chris said. "You might be surprised if there are still properties available now; they've somewhat probably missed the Baylor Turn, and you might just find yourself a good deal right now."
