EL PASO, Texas – Rent prices are up in El Paso, but they’re not just rising in Borderland. According to Scott Lynch, executive director of the El Paso Apartment Association, he estimates that there has been an 11% increase in rents in the United States. In a typical year with rent increases, rental prices would only increase by a margin of 3-5%.
The national average rent for 2021 was around $ 1,546 per month for an apartment. In El Paso, the average rent is around $ 923 per month, Lynch told ABC-7.
Lynch broke rent increases in El Paso down into three main factors. The first factor is the increase in operating costs. An increase in property taxes, insurance premiums and maintenance costs are aspects of rent increases. Another is based on the housing market across the region. Finally, the pandemic is responsible for the increases. Construction of new apartments has been delayed due to costs and supply chain issues, in addition to young people returning to their homes during the pandemic.
In the state of Texas, there is no cap to limit rent increases. The only way to put a cap in place would be a state disaster declaration. “If there has been a state-declared disaster and the governor consents to it, then rent control measures can be put in place, but this is not the case at this time and even at its peak. pandemic, it was not, ”said Lynch. .
Ultimately, Lynch offered these tips to renters who want to live in apartments:
- Avoid monthly leases and opt for a 12-month lease instead.
- Contact property management to be proactive when asking if there will be a rent increase with the new lease.
- Affordable housing is one option. Federally subsidized housing that takes into account the amount of money you earn might be a good option for you.
Lynch also stressed the importance of the vote. “I don’t think a lot of people who rent realize that these issues with property taxes, or franchise taxes and all these other fees that are imposed on multi-family and commercial properties, are passed on to the tenant. , it is therefore important for them to get involved and express their opinion through the voting process.