EL PASO, Texas (KTSM) — The cost of single-family rental households have surged amid the pandemic, which has caused many families to rethink their living situations.
Rent costs in El Paso have increased by 6.9 percent since the beginning of the pandemic, which is more than the U.S. average, a new report says. The median cost of rent in El Paso in March 2020 was $1,094, which increased to $1,169 by March 2021, marking a 6.9 percent increase.
Researchers found that rental unit vacancies in the U.S. were at a multi-decade low prior to the pandemic, which caused prices to rise to meet the demand.
Additionally, 88 percent of new rental construction between mid-2018 and mid-2019 opened with asking prices of $1,050 or more while the overall number of rental units priced less than $1,000 fell substantially since 2014.
Researchers examined data from the Zillow Observed Rent Index from March 2020 to March 2021 to determine year-over-year shifts in average rent costs.
Relative cost of living in each area and the median income for renters were determined using data from the U.S. Census Bureau and the Bureau of Economic Analysis.
Below is a data summary that compares El Paso’s rental unit averages to the national statistics:
|El Paso average||National average|
|Year-over-year change in rent +6.9%||Year-over-year change in rent +1.3%|
|Median rent in March 2021 $1,169||Median rent in March 2021 $1,739|
|Median rent in March 2020 $1,094||Median rent in March 2020 $1,716|
|Overall cost of living (compared to U.S. average) -12.3%||Overall cost of living (compared to U.S. average) N/A|
|Median income for renter households $33,655||Median income for renter households $42,479|