DALLAS(KDAF)—Living in Texas presents many challenges, including financial ones. The cost of everyday essentials is going up, from gas to toilet paper and rent.
The good news about things increasing like the price of rent is that usually when prices rise up, they eventually have to fall. This means that although things may be more expensive now, there is hope for relief in the near future.
Since March 2020, rent.com reports that rent prices are down for the first time in a year. Rents declined by .57% in May. There has been a drop in prices in 6 of the last 9 months.
The website also reported Texas rental rates decreased by 3.98% from last year. Month-to-month rent prices have dropped by .11%.
Even in Dallas, rent prices have dropped 1.61% since last year. Rent prices in Houston have dropped 8.42% in the last year. Out of all Texas cities, Austin’s rent prices have fallen the most, going down by 20.76 percent in a year.
If your lease is up this year, you may be able to find something really affordable this year.