Survey: Longview rents down a tick in December
Jan. 2, 2018 at 10:09 p.m.
Rents in the Longview area dropped 0.1 percent in December from a month earlier and 3.2 percent over the past year, a new monthly survey found. The declines occurred as statewide rents continued to increase.
San Francisco-based Apartment List said the median rent was $920 a month for a two-bedroom unit in Longview, less than the national average of $1,160.
Over the past year, the state saw an increase of 2.5 percent. Rents also rose in nine of the 10 largest cities in Texas for which Apartment List has data.
Jim Tucker, owner of the Fairways Apartments on McCann Road, said it was too early to make much of the latest declines.
"Two months in my opinion don't make a trend," Tucker said. He suggested revisiting the data six months from now.
He said the federal tax overhaul will provide incentives for developers to invest in building more apartment complexes and spur landlords to make improvements.
"All kinds of good things happen," Tucker said.
Across Texas, Plano was the most expensive of the state's major cities, with a median two-bedroom rent of $1,410. Lubbock, where a two-bedroom unit goes for $820, was the only other major city apart from Longview to see rents fall year over year (down 0.4 percent).
Arlington, Fort Worth and Plano experienced year-over-year growth above the state average at 6.7, 4.4 and 2.9 percent, respectively.