Community

Cost of rent in Beaumont rises by 5.2% in past year, according to new data

This is the fourth straight month that the city has seen rent increases after a decline in July.

BEAUMONT, Texas — According to new data from Apartment List, rent growth is finally flattening out across the U.S., but Beaumont did see an increase the past month.

Beaumont rents have increased 0.5% over the past month and have increased significantly by 5.2% in comparison to the same time last year.

Currently, the median rent in Beaumont stands at $712 for a one-bedroom apartment and $910 for a two-bedroom. This is the fourth straight month that the city has seen rent increases after a decline in July. 

Data shows that Beaumont’s year-over-year rent growth lags the state average of 15.2% as well as the national average of 17.7%.

Beaumont isn’t the only Texas city seeing an increase. Of the largest 10 cities that Apartment List has data for in Texas, all of them have seen prices rise. 

The state as a whole logged rent growth of 15.2% over the past year, with Plano being the most expensive of all Texas’ major cities with a median two-bedroom rent of $1,875.

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Austin experienced the fastest growth with 25.5%. 

Plano, El Paso, and Dallas have all experienced year-over-year growth above the state average, 23.2%, 15.8%, and 15.3%, respectively. 

Even though rents have increased significantly in Beaumont, it is still more affordable than most large cities across the country.

Beaumont’s median two-bedroom rent of $910 is below the national average of $1,285. Nationwide, rents have grown by 17.7% over the past year compared to the 5.2% increase in Beaumont.

According to a news release, Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. They intend these reports to be a source of reliable information that helps renters and policymakers make sound decisions and they invest significant time and effort in gathering and analyzing rent data. 

Written by Lupita Villarreal

Categories: Community, Economy

Tagged as: , ,

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