Amarillo Rent Prices Jump 13% in Just One Year

The economy in Texas has, for the most part, been better off than that of a lot of other states in the country. We haven't seen as big an increase in living expenses as many other places, and for the most part, have skirted things being unaffordable.

However, experts have been cautioning that sooner or later, Texas would experience it. Now, it looks like we might be starting to see the beginning of that.

What Is Increasing In Price

In Amarillo, it seems that the main thing that is beginning to rise in costs is apartments. The rent has been relatively stagnant, which is good considering it's typically the biggest expense for anyone.

Over the past year, Amarillo has seen an increase in rent for apartments, jumping by 13%. The median price last year was $995 per month. This past August? It's jumped all the way up to $1,121.

Is This Trend Continuing

It very well may continue; however, the price of an apartment in Amarillo showed a downtrend in August. The median price of an apartment in July was $1,217 in Amarillo, so the $1,121 pricing from August represents an 8% decline.

One factor in that could be the new construction of apartments in the area. Newer complexes tend to run specials in order to get people into the units, and that is typically something that will contribute to a fall in average monthly rent.

Is It All Apartments That Are Falling

It seems to be the two-bedroom units that are dropping a bit more in price. They have dropped VERY slightly since last year, to where the difference was extremely minimal.

One-bedroom units have actually jumped up a bit in price year over year by an average of $10 per month. For the most part, however, prices seem to be holding steadier in Amarillo than they are across the state.