rents

(Photo courtesy Wikimedia Commons)

There may be a lot of apartments being built in Texas, but that’s not necessarily translating to more affordable rents, one economist said at a recent conference on affordable housing held at the Federal Reserve Bank of Dallas.

Greg Willett, chief economist at RealPage, told the group assembled that the same affordable housing issues that have begun to block families from purchasing homes have begun to crop up in the rental sector as well.

“We are starting to see the same affordability challenges in rental housing,” he said, adding that this issue is occurring despite a boom in apartment completions across the country. (more…)

Amenity-laden Le Mirage Apartments in Midland demands more than $1,100 for a one-bedroom unit. (Photo: Weidner Apartment Homes)

Amenity-laden Le Mirage Apartments in Midland demands more than $1,100 for a one-bedroom unit. (Photo: Weidner Apartment Homes)

New affordable housing is hard to find in Midland-Odessa, as a recent study from RentCafe shows that 100 percent of the new apartments completed in 2015 were high-end units. Nationally, 75 percent of all apartments that came on the market last year were priced at luxury levels.

Considering how much the new construction in the single-family market is lagging, the limited number of new affordable rentals could be eroding would-be homeowners’ future buying power.

Read the whole story behind the numbers on MidlandDirt.com.