Whether you want to move to El Paso and become a local, or you’re looking to invest in a few well-chosen studio apartments and earn a lot of money by collecting rent, being aware of all the most important details regarding the local rental market is essential to your success.
2016 was one of the best years for the El Paso economy since the 1990s. More than 8,000 new jobs were created, and the unemployment rate went down to 4.9% after being at a rate of 5.2% during 2015. This year, the economy continues to drive the rental market, going past the 6.1% vacancy rate recorded last year.
Economic conditions have led to improved living in El Paso. With more available jobs, a greater number of local residents are able to choose their jobs and get employed. Under these conditions, many companies offer competitive salaries, and that means those locals who have to pay rent will be able to move to a better and more expensive apartment.
If you want to move to El Paso, the average rent for all types of apartments is $709. Studio apartments can be as low as $520 on average, while 3-bedroom apartments are more than $900 per month.
About 57% of all rented apartments in El Paso are rated between $700 and $1,000, and only 8$ are more expensive than that price range. This is good news for entry level workers and employees hired at medium sized companies, and it’s also an excellent condition for landlords looking to buy affordable apartment buildings and rent them out immediately.
If you are interested in finding out more details about current rental opportunities, consult with
knowledgeable property management professionals in El Paso TX.