Apartment rent in Amarillo is up 2.5% from last year

Apartment for lease sign in Amarillo

Apartment rent in Amarillo is up 2.5 percent from last year, according to the National Association of Realtors.

The NAR also reports apartment occupancy in Amarillo is at 91 percent, so rent prices are rising due to supply and demand.

Greg Glenn of Prudential Ada Realtors said because there arenâ??t many new apartments being built and people arenâ??t purchasing homes, apartment rent will continue to rise.

According to the NAR, the average price of an apartment in Amarillo last year was $650 a month and the average size was 811 square feet.

Glenn said mortgaging a two bedroom home would cost about $700 a month, but a down payment of almost $8,500 would be required. He said he understands itâ??s quite a commitment to purchase a home

, and apartments offer a lot of amenities that people like.