Department of Numbers

Lubbock Texas Residential Rent and Rental Statistics

The median monthly gross residential rent in Lubbock, TX (the Lubbock metro area) was $834 in 2015 according to the Census ACS survey.1 Average gross rent in Lubbock was $886 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Lubbock median and average rent data will be released in September of 2017.

Data is also available below for Lubbock rental vacancy rates, Lubbock rent as a percent of median income and the fraction of renters in Lubbock.

Show dollars as: Nominal Real

Real Gross Rent in Lubbock Texas (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Texas Median Gross Rent $932 +4.48% +11.88%
Lubbock, TX Median Gross Rent $834 +2.58% +5.17%

Lubbock, TX Real Gross Rent Trends

At $834, real median gross rent in Lubbock was at its highest level in 2015 since the series began in 2005. At $886, real average gross rent in Lubbock was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Lubbock: Lubbock TX Median, Lubbock TX Average, Texas Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lubbock

Date US
Median
Texas
Median
Lubbock, TX
Median
Lubbock, TX
Average
2015 $959 $932 $834 $886
2014 $930 $892 $813 $861
2013 $898 $851 $793 $814
2012 $886 $833 $793 $809
2011 $887 $828 $747 $789
2010 $901 $844 $797 $815
2009 $905 $847 $747 $753
2008 $920 $857 $802 $814
2007 $874 $813 $807 $771
2006 $883 $823 $778 $754
2005 $858 $791 $765 $788

Lubbock Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Lubbock Texas was 6.57% according to Census ACS data.

Rental Vacancy Rate in Lubbock Texas

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Texas 6.95% -0.35% -1.58%
Lubbock, TX 6.57% -1.24% -0.12%

Trends in Lubbock, TX Rental Vacancy Rate

The rental vacancy rate in Lubbock peaked in 2007 at 10.08%. Since then it has fallen by 3.51% to 6.57%. Data records for this series originated in 2005. From a 2008 post peak low of 5.17%, the rental vacancy rate has increased by 1.40%.

Rental Vacancy Rate: Lubbock TX, Texas, US

Rental vacancy rate in Texas

Historical Rental Vacancy Rate data for Lubbock

Date US Texas Lubbock, TX
2015 5.85% 6.95% 6.57%
2014 6.32% 7.30% 7.81%
2013 6.49% 7.86% 9.04%
2012 6.77% 8.53% 6.69%
2011 7.40% 9.23% 6.84%
2010 8.17% 10.60% 6.13%
2009 8.43% 10.69% 9.64%
2008 7.86% 10.24% 5.17%
2007 7.87% 10.61% 10.08%
2006 7.70% 10.28% 9.31%
2005 7.74% 10.60% 8.42%

Rent as a Fraction of Income

Using median household income data for Lubbock, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lubbock, median monthly gross rent as a fraction of median household income was 21.16% in 2015 according to the ACS.

Lubbock Texas Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Texas 20.10% -0.18% +0.44%
Lubbock, TX 21.16% -0.23% -1.62%

Trends in Lubbock, TX Rent as a Fraction of Income

The fraction of median Lubbock household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 22.78%. Since then it has fallen by 1.62% to 21.16%.

Fraction of Income towards Rent: Lubbock TX, Texas, US

Percent of median household income going towards median monthly gross rent in Lubbock Texas

Historical Data for Annual Rent as a Fraction of Income in Lubbock Texas

Date US Texas Lubbock, TX
2015 20.63% 20.10% 21.16%
2014 20.89% 20.27% 21.39%
2013 20.78% 19.89% 20.33%
2012 20.65% 19.65% 22.78%
2011 20.70% 19.75% 20.33%
2010 20.50% 19.77% 21.56%
2009 20.12% 19.59% 21.30%
2008 19.00% 18.42% 19.23%
2007 18.66% 18.52% 21.06%
2006 18.90% 18.99% 21.45%
2005 18.89% 19.11% 22.36%

Renter Fraction in Lubbock Texas

You can calculate the renter fraction in Lubbock in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Lubbock as a fraction of total Lubbock households. In 2015 45.38% of households were renters according to Census ACS data.

Lubbock Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Texas 38.94% +0.10% +1.22%
Lubbock, TX 45.38% +1.69% +2.38%

Trends in the Lubbock, TX Renter Fraction

At 45.38%, the 2015 household based renter fraction in Lubbock was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Lubbock TX, Texas, US

Fraction of renters in Lubbock

History of Lubbock Renter Fraction

Date US Texas Lubbock, TX
2015 36.97% 38.94% 45.38%
2014 36.90% 38.84% 43.69%
2013 36.50% 38.16% 41.23%
2012 36.09% 37.72% 43.00%
2011 35.42% 37.08% 42.11%
2010 34.65% 36.42% 42.02%
2009 34.13% 36.32% 41.95%
2008 33.36% 35.10% 37.47%
2007 32.80% 34.82% 39.43%
2006 32.73% 34.75% 41.07%
2005 33.10% 35.29% 40.53%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.