Apartments in Clayton Carter Lubbock

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707 Avenue T Lubbock, TX
3 - 4 BR | Aug. 18, 2024
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Lubbock:
May Rent Report

Welcome to the May 2024 Lubbock Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2024 key findings and figures for the Lubbock rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Lubbock and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Lubbock average rent prices in the chart below.

Monthly Rent Report

$950
$710
$480
$240
$0
Jun. 2023
Jul. 2023
Aug. 2023
Sep. 2023
Oct. 2023
Nov. 2023
Dec. 2023
Jan. 2024
Feb. 2024
Mar. 2024
Apr. 2024
May. 2024
1 BR       2 BR

Lubbock Rent Prices Increase From April to May

Lubbock rent prices increased over the last month. From April to May, the city experienced a 0.52% increase for the price of a one-bedroom apartment. The rent price for a Lubbock one-bedroom apartments currently stands at $768.0.

When we take a look at the two-bedroom comparison from April to May, Lubbock experienced a 0.67% increase for the price of a two-bedroom apartment. The rent price for a Lubbock two-bedroom apartments currently stands at $900.0.

May Prices: Lubbock vs. Surrounding Areas

Lubbock, TX
Slaton, TX
$764
$591
$0
$250
$500
$750
$1,000
Median 1 BR Rent

Rent Prices in Lubbock and Surrounding Areas

Rent prices have increased in Lubbock over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 0 of the Lubbock suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rents did not increase in any of the Lubbock suburbs

  • Rent decreased in Slaton, TX.

  • 1 suburb is currently priced lower than the city of Lubbock.

May 2024 Pricing Trends: Lubbock vs. National Comparisons

New York, NY
San Francisco, CA
Washington, DC
Los Angeles, CA
Chicago, IL
Columbus, OH
Minneapolis, MN
Pittsburgh, PA
Lubbock, TX
$4,056
$3,039
$2,377
$2,336
$1,913
$1,300
$1,283
$1,178
$764
$0
$1,350
$2,700
$4,050
$5,400
Median Rent

Lubbock Rent Prices More Affordable Than Major Cities

Rent growth in Lubbock over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Lubbock average rent prices appear to be relatively affordable for local residents.

The price for a Lubbock one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Lubbock and surrounding area rent prices, take a look at the complete data set below.

Data set for Lubbock and suburbs

1 BR May 1 BR M/M % Change 2 BR May 2 BR M/M % Change
Lubbock, TX $764.0 0.39% $894.0 0.79%
Slaton, TX $591.0 -2.80% $960.0 3.23%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.