“To try to come up with an extra $400 a month, that’s not that easy to do.” Rent prices in Texas are soaring. Experts say the state's landlord-friendly regulations and lack of rent control put tenants in difficult financial positions.
. In 2016, the median sales price was $210,000. Only five years later, the median price sat at $300,000.
Meanwhile, the state’s continued population growth only increases demand for places to live. Texas gainedbetween 2010 and 2020, according to the latest census. It is home to three of the country’s 10 largest cities and four of the fastest-growing. That’s made it difficult for builders to keep up. “There are cities, like Plano and Frisco, that have had real political struggles related to housing affordability because you want to preserve what municipal advocates have called their suburban character,” Mattingly said. “But the truth of the matter is, Plano and Irving, these cities have more national and regional headquarters than in many cities, but they don't have the housing stock that supports that.
In early January, Austin Mayor Steve Adler announced his plan for a $300 million to $500 million affordable housing bond for the city, which has struggled for years to provide enough affordable housing for existing and new residents. A housing bond of this magnitude aims to permit more housing to accommodate the growing number of residents and prevent longtime citizens from being priced out. Adler hopes to put the proposition before voters in November.
Rollins concedes that rent control likely wouldn’t solve the supply-and-demand imbalance if only some cities adopted it.
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