Ken Abraham has owned rental properties near Texas Tech for more than 50 years.
“[With] North Overton redevelopment, tons of student housing has come in,” he said.
However, things have been changing for the homeowners who rent out these houses.
“What’s happened is, there’s been about 2,000 or 3,000 apartments that have been added here in the past two to three years,” John Winker, manager at Tech Terrace Real Estate, said. “Basic economics, once you increase the supply, it has an effect on everyone else.”
They say they need to keep houses up-to-date and renovated.
“You’ve got to continue to maintain them, if you haven’t maintained them, this is a great time to start, because that’s how you’ll be able to compete,” Winker said.
Abraham says although this has been a challenge for his own profit, he says new developments in the area are always good for Tech and overall good for the Lubbock economy.
“That has affected us on our larger apartments, just for a year or so, but it’s great for Texas Tech because it brings the students back to the university area,”Abraham said. “So we all benefit from that when that comes in.”
