Apartment rents expected to increase over next few years

Tyler, TX (KYTX) -- For Nick Pesina, who lives in Tyler, renting an apartment was a no-brainer.

"I'm new to the city, and being a young professional, I really saw no need in investing in a house," Pesina said.

And as a long-time renter, Pesina is no stranger to experiencing rent hikes. "Coming from Austin and living there for almost 7 years, I definitely saw rents go up pretty rapidly," Pesina said.

In fact, apartment rent has jumped more than 4 percent nationwide this year, a trend that will only continue next year according to the National Association of Realtors.

Pesina says he has mixed feelings about the outlook. "It's going to cost me more money out of my pocket. But on the other side, it shows the economy is recovering," Pesina said.

Local realtors says another driving force is that demand in East Texas is high. "I think a lot of the apartment complexes are very full. If demand continues to go up, as it has, rental rates are going to continue to stay high," Debbie Ezzell, President of the Greater Tyler Association of Realtors, said.

With apartment rents rising, buying a place can sometimes be the smarter option. A good rule of thumb, when you plan on living somewhere for more than 2 years. 

And monthly mortgages are often cheaper, than what you'd pay for an apartment. "To find a 2 bed, 2 bath apartment nowadays, you're lucky if you can get one under 900 dollars," Ezzell said.


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