WACO, Texas (KXXV) — " I do think we have had some lag in being able to bring product on to the market," said Ray Perryman, an economist at The Perryman Group
Rent prices are staying put for Waco residents — the prices differ locally from the national average, which Apartmentlist.com says has fallen nationwide.
Reports also show Waco rent prices jumped slightly in September compared to last year — that's also higher than the national average.
- Rents in Waco did not change in September, even as they fell 0.5% nationwide.
- Year-over-year rent growth in Waco now stands at +0.1%, up from -0.8% one year ago.
- Today the median rent in Waco is $960 for a one-bedroom apartment and $1,201 for a two-bedroom apartment.
"Population increase that is a little higher than the national average that creates more demand for all types of housing," Perryman said.
The Waco Chamber of Commerce says the city's population has risen 3% every year since 2020.
This is what Perryman says could be accelerating price increases — look at the chart below.
There is a dip in February for rent prices, then rates go back up.
"Basically some of them use algorithms that lower the rents until they reach a certain level," Perryman said.
25 News' Marc Monroy spoke with a local leasing agent, who chose to be anonymous who says prices fluctuate depending on the amount of traffic Waco is getting.
They say spring and summer have the highest prices due Baylor kids moving in.
"It's likely attributed to Baylor seasonality. Everyone was trying to be the most appealing potential traffic. Overall economy plays a large factor in rents as well, rents will be super driven in months march-August with foot traffic being heavy," said the agent in a message.
But it also has to do with supply and demand.
"We've been struggling for a while to catch up with construction," Perryman said.
"The pandemic slowed everything down — there's been supply issues after the pandemic that slowed things down."
But that doesn't mean Waco is going to slow down.
Bobby Horner with the City of Waco says five new multi family permits are in the process of being approved.
