Rent and Home-Buying Trends in El Paso: 2021
In the world of real estate and property management in El Paso, TX, many of our residents were skeptical of what was going to happen with rental homes and the pandemic as it has been almost a year after it first began. Residents of El Paso began to worry as some of of us began losing our jobs due to Covid 19. During the pandemic, there was a downward trend in the economy, this lead residents to believe that the market was progressively getting worse. Was that really the case?
With data from rentjungle.com, it is evident that as of January 2021, the average rent has grown about 4.56% compared to 2019 which means the cost of rent in apartments have increased compared to the past year. What does this mean? It means that the rental market is doing well right now, despite the problems that Covid 19 has brought since coming to El Paso. What is the cause of this? How can realtors and property management in El Paso be positively developing despite these financial worries?
It turns out, the low interest rates and the high amounts of essential jobs in El Paso have pushed the rental market through this hardship. In his article for HousingWire, Tim Glaze notes that due to the rental increase by property management in El Paso, it has also caused an uproar in buying real estate property and homes in the El Paso county. The main reason for this is that on average, an interest rate of a mortgage goes only up to 2.5%-3.5% when taking one out for a home. This has caused many to completely buy their homes, and for others to continue to rent them due to their essential work.
Even better, is that throughout this the pandemic, many people were able to recover from becoming unemployed during this pandemic, and allow themselves to buy homes and rentals they love because of the lower interest rates and higher demand. This has also allowed realtors and property management, like us, to continue to help and serve the El Paso community as we too, were considered essential workers during these unprecedented times.
That’s why Team Olivas is committed to serving our community despite everything we have had to face during Covid 19. Our clients have helped us continue to work and provide for our families and loved ones, and we continue everyday to try and return the thank you by looking for the perfect property for you and your families. Let’s maintain El PASO STRONG!
