LUBBOCK, Texas — As of 2022, the rental market in Lubbock has seen relatively stable prices, a trend that continues to hold. According to Oscar Armendariz of Coldwell Banker Residential Property Management, rental costs surged by 20% between 2019 and 2022, largely due to the pandemic.
By 2024, the market had stabilized, with the average rent at $1,358, up slightly from $1,351 in 2024. Armendariz noted the challenges faced by property owners, stating, “My taxes are going up, my insurance is going up, The cost to put paint on the wall is going up, but I can’t really go up on rent. And that’s exactly with what’s happening right now.”
Vanessa Birks, a property manager and owner of Hub City Rentals, indicated that many landlords are currently operating with tight margins. “Because of the mortgage rates, because of the interest, because of the taxes,” Birks explained.
Despite the current economic pressures, both experts emphasized the long-term value of Lubbock’s rental properties. Armendariz advised, “If you can afford to keep on investing in it and hold the property long term, that’s always going to be your best option. And Lubbock’s always has been a great economy for that.”
A key factor in Lubbock’s consistent rental demand is the presence of Texas Tech University. Birks pointed out, “You’re going to see a higher rental population when there are students. We’re always going to see a flow of tenants in Lubbock. It’s still a great place to invest.”
Lubbock’s rental market is distinct within Texas. Armendariz highlighted a unique dynamic emerging in the city, saying, “Lubbock Texas has moved into this weird dynamic that we’ve never been in before. The East and West Coast are used to this, but it is actually on a monthly basis cheaper to rent than it is to buy.”
