22 1 Bedroom Apartments for rent in Waco, TX
July 2020 Waco Rent Report
Welcome to the July 2020 Waco Rent Report. Waco rents increased over the past month. In this report, we'll evaluate trends in the Waco rental market, including comparisons to cities throughout the state and nation.
July 2020 Waco Rent Report
Welcome to the July 2020 Waco Rent Report. Waco rents increased over the past month. In this report, we'll evaluate trends in the Waco rental market, including comparisons to cities throughout the state and nation.
Waco rents increased moderately over the past month
Waco rents have increased 0.3% over the past month, and are up slightly by 1.4% in comparison to the same time last year. Currently, median rents in Waco stand at $637 for a one-bedroom apartment and $837 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in April. Waco's year-over-year rent growth leads the state average of -0.1%, as well as the national average of 0.2%.
Rents steady across cities in Texas
Throughout the past year, rent increases have been occurring in the city of Waco, but trends across other cities in the state have varied - of the largest 10 cities that we have data for in Texas, some have seen decreases while other cities have rents increasing. The state as a whole logged rent growth of -0.1% 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 $1,455; of the 10 largest Texas cities that we have data for, 5 have seen rents fall year-over-year, with Houston experiencing the fastest decline (-0.9%).
- El Paso, Arlington, and Corpus Christi have all experienced year-over-year growth above the state average (1.5%, 1.4%, and 0.4%, respectively).
Waco rents more affordable than many large cities nationwide
As rents have increased slightly in Waco, other large cities nationwide have seen rents grow more quickly. Waco is still more affordable than most large cities across the country.
- Waco's median two-bedroom rent of $837 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While Waco's rents rose slightly over the past year, the city of Phoenix also saw an increase of 1.9%.
- Renters will find more reasonable prices in Waco than most large cities. For example, San Francisco has a median 2BR rent of $3,035, which is more than three-and-a-half times the price in Waco.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.