WACO, Texas (KXXV) — Renters in Waco have seen the highs and lows when it comes to pricing on apartment homes.
25 News takes a look at what's trending as the spring months approach.
- According to Apartment List, Rents in Waco fell 1.5 percent in February, compared to a 0.3 percent increase nationwide
- Year-over-year rent growth in Waco now stands at +4.2 percent up from -5.4 percent one year ago
- Today the median rent in Waco is $935 for a one-bedroom apartment and $1,170 for a two-bedroom apartment
Watch the full story here:
BROADCAST TRANSCRIPT:
Chris Meza is a lifelong Waco resident and managing partner at Carbajal Realty, Inc — over the years, he's seen the City of Waco flourish.
"The new big projects are finishing out, as new projects are finishing out, construction costs have gone up over the years," Meza said.
With high costs comes higher and competing rent prices all throughout the area.
"Over the last couple of years, we've had several big projects and development complete here in town," Meza said.
"With that, they're competing for tenants, so supply is up right now."
According to Apartment List, rent prices in Waco fell 1.5 percent in the month of February, but increased 0.3 percent nationwide — why is that?
"Markets are impacted by current events and so each market is impacted by what's going on or not going on in that place or town — when Austin had Tesla developed down there, they saw a spike in their real estate. When Magnolia was taking place here in Waco, we saw probably the biggest spike we've ever seen," Meza said.
"Spikes and dips take place in the market, so yes, it's okay for our market to see a little dip in the rest of the rest of the nation in areas to see a spike."
Plus, the average rent for a one bedroom — $935.
How do you get the most bang for your buck in the area?
“I'll say it's all up to the tenant — it's all going to be up to the tenant and their needs and their priorities,” Meza said.
