A recent study conducted by Construction Coverage revealed that rental rates in the Killeen-Temple area are more than $400 below the national average, positioning it as the 64th lowest among mid-sized metro areas in the country. This surprising statistic comes despite a surge in rental availability, presenting a unique scenario for the Central Texas housing market.
Monica Sage, a 20-year veteran Central Texas realtor and owner and broker of Solvy Realty Group, shares her insights on why the region remains attractive to newcomers.
"I think Central Texas is different than any other market in Texas," Sage said. "We have a lot of buildings going on here, and we have a lot of people moving in, or even from Austin. They're trying to get lower prices because we are pretty low here."
Monica said that there are currently 465 available rentals listed on area MLS (Multiple Listing Services) sites between Bell County and Copperas Cove, a stark contrast to the handful she's typically seen in the past. This influx of available properties is beneficial for tenants but challenging for landlords.
"With it being so competitive, some of the landlords are reducing their prices, so they'll lease their houses first," Sage said. "It's not good for landlords right now. Going down on the rent and getting something coming in each month is better than nothing."
Despite the supply-and-demand imbalance of rentals, Sage believes the Bell County rental and housing market is resilient and capable of self-correction. Sage recommends anyone looking to rent in Bell County long-term find something within 18-24 months before prices rise again.
"Central Texas has always been pretty stable here," Sage said. "Even in 2007-08, with the sub-prime lending, we had a crash. And, the whole U.S. felt it, but Central Texas felt it last, so we were the last to fall and the first to rise."
