Rent is on the rise in El Paso

El Paso has seen a boom in the demand for apartments and rental properties over the last several years. So what does that mean for rental rates residents are paying?

The website www.nerdwallet.com reports that El Paso has seen one of the highest increases in rental fees in the country over the last few years.

Using census data, El Paso was calculated as the second largest percentage increase for rent in the nation, going from a median of $477 in 2007, to $637 in 2012. It’s putting some El Pasoans in a bind.

“Yeah, I really couldn’t afford it,” said Michelle Ramirez.
Ramirez has been searching, but hasn’t been able to find an affordable place to move into yet.
“Yeah, it’s just because I moved back from Austin, so I kind of have to get back on my feet,” Ramirez said. “But I definitely have been looking at different apartments around El Paso.”

Stan Okies, who works with landlords and rental property buyers, said that prices for all kinds of rentals, including industrial and office spaces, have been on the rise in El Paso as well. He said the increase is driven by things like Ft. Bliss and people coming over from Juarez.

“So there’s a lot of activity in that area, and we’re still bringing in a lot of retail,” Oakies said. “The market is very vibrant, and so as people make more money, they tend to spend a little bit of money to improve their living circumstances.”

As for Ramirez, the prices are still too high to consider moving out from home just yet.

“Not for me right now, because I was getting paid maybe $8 an hour, working like 40 a week,” Ramirez said. “But it still wasn’t enough for me to get my own place, and then still have to pay electric, gas, and then whatever else, like I need food or something. So I definitely have to budget myself.”