WACO, Texas (KXXV) — A national survey states that 52 percent of the nation’s renters are cost-burdened, meaning they spend more than the recommended 30 percent of their income on housing. Central Texans are feeling the burden, too, but why is this?
Corey Duncan with Haus Realty in Waco says the increase in population in the area will increase the cost of rent — so how can that be changed?
Apartments.com expert Rob Warnock says if you can, the best time to rent is toward the end of the year, from November to January.
BROADCAST TRANSCRIPT:
Haus Realty owner and CEO Corey Duncan has seen a trend of rent going up in Central Texas.
“We have a lot of interactions with tenants — although I may not work with renters as finding a place to rent, we’re very familiar with it,” Duncan said.
According to apartment experts at Apartment List, 52 percent of the nation’s renters are cost-burdened, meaning they spend more than the recommended 30 percent of their income on housing.
“A lot of time, the housing market drives the rental rates, so as interest rates go up, as property taxes increase, then housing becomes less affordable, especially for that entry buyer," Duncan said.
"More people are pushed to renters, and as we know, with a fixed supply and a higher demand, you’re going to get an increased price."
Higher demand means higher rent, so what can area renters do to ensure they’re not paying through the roof?
“We’re right now in the best time to move,” said Rob Warnock, the Senior Research Associate at Apartment List.
Warnock says that depending on the time of year, negotiating can work in your favor.
"The winter is when we see higher vacancy in the rental market — it’s when landlords are willing to negotiate because filling those units is harder," Warnock said.
"During the summer, especially in parts of the country dominated by college population like Waco, that’s when we tend to see a lot of people moving a lot of high occupancy rates, and that’s when rent rates tend to go up faster."
No matter what time of year you’re looking to rent, Warnock says what’s key to making sure you’re not spending an arm and a leg.
"Come prepared with information on the housing market, be willing to negotiate, and if you have the flexibility to try to do it over the holiday season, winter is your best bet for finding a good deal," he said.
