September 2017 Killeen Rent Report

Welcome to the September 2017 Killeen Rent Report. Killeen rents remained steady over the past month. In this report, we'll evaluate trends in the Killeen rental market, including comparisons to cities throughout the state and nation.

Killeen rents held steady over the past month

Killeen rents have remained flat over the past month, however, they have increased slightly by 1.0% year-over-year. Currently, median rents in Killeen stand at $560 for a one-bedroom apartment and $740 for a two-bedroom. Killeen's year-over-year rent growth lags the state average of 1.5%, as well as the national average of 3.0%.

Rents rising across cities in Texas

Throughout the past year, rent increases have been occurring not just in the city of Killeen, but across the entire state. Of the largest 10 cities that we have data for in Texas, 8 of them have seen prices rise. The state as a whole logged rent growth of 1.5% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

• Looking throughout the state, Plano is the most expensive of all Texas' major cities, with a median two-bedroom rent of $1,420; of the 10 largest cities in Texas that we have data for, Houston and Corpus Christi, where two-bedrooms go for $990 and $1,030, are the only two major cities in the state to see rents fall year-over-year (-2.4% and -0.9%).
• Arlington, Fort Worth, and San Antonio have all experienced year-over-year growth above the state average (9.0%, 5.6%, and 2.8%, respectively).

Killeen rents more affordable than many large cities nationwide

Rent growth in Killeen has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Killeen is still more affordable than most large cities across the country.

• Killeen's median two-bedroom rent of $740 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 1.0% rise in Killeen.
• While rents in Killeen remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.
• Renters will find more reasonable prices in Killeen than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than four times the price in Killeen.