Sell Your Commercial Property In Lubbock, TX

Who rents in Lubbock

Lubbock is close to an even split between owners and renters. The Census Bureau's 2020–2024 American Community Survey counts 264,814 residents in 107,086 occupied homes; 52,270 of those households, or 48.8%, rent, and 54,816 own. Across the Lubbock metro, the same survey puts renters at 42.8% of 140,553 households, so the city carries most of the region's rental demand: about 52,000 of the metro's 60,206 renter households live inside city limits.

The reason is the university. A city with a large student population has more renter households, more short lease terms and more turnover each August than a typical metro of its size. Median household income in Lubbock is $60,895, below the metro median of $63,629, a gap that partly reflects students counted as low-income households.

Lubbock renters live in a wide range of buildings. Only 41.4% of renter households are in buildings with five or more units, according to ACS table B25032. Another 35.9% rent detached houses and 16.9% rent duplexes, triplexes or fourplexes. Near campus, rented houses and small plexes compete directly with apartments for student and young-professional tenants.

Texas Tech and the medical center

Texas Tech University reports more than 42,000 students, more than 1,900 faculty members, more than $289 million in annual research spending and a $9.9 billion statewide economic impact. That enrollment fills apartments in Tech Terrace, Overton and the blocks around campus, and it creates demand that resets every academic year rather than following local job growth.

The Texas Tech University Health Sciences Center is a separate institution with its flagship campus in Lubbock. It reports training more than 42,000 health care professionals and describes a 121-county service area. Together with Covenant Health and UMC Health System, it makes Lubbock the medical center for a large part of West Texas, which brings residents, nurses, technicians and graduate students into the rental market. Regional cotton, agriculture and distribution businesses add a working-age renter base that is less tied to the school calendar.

Rents and affordability

Median gross rent in Lubbock is $1,182 a month in the 2020–2024 estimates, including tenant-paid utilities, slightly above the $1,159 metro median. The bedroom detail in ACS table B25031:

Source: U.S. Census Bureau, ACS 5-year estimates 2020–2024, via Census Reporter. The largest jump is from two to three bedrooms, about $370, and four-bedroom units reach $1,792. That pattern fits a student market where three- and four-bedroom units are leased by the bed or by groups of roommates, while studios and one-bedrooms serve graduate students and single workers at under $1,000.

Rent burden is high. In Lubbock, 52.2% of renter households spend 30% or more of income on gross rent, and 30.4% spend half or more. Students supported by family or loans inflate those figures, but the numbers still mean a large share of tenants have little room for increases. Guarantors, parental co-signers and collections policies matter in underwriting here.

The apartment stock

Lubbock has 118,143 housing units, and 25,880 of them, or 21.9%, are in buildings with five or more units according to ACS table B25024. The stock is spread across sizes: 6,639 units are in 5–9 unit buildings, 7,684 in 10–19 unit buildings, 3,860 in 20–49 unit buildings and 7,697 in complexes of 50 or more. Small and mid-size buildings make up most of the multifamily inventory. Apartments are also more concentrated in the city than in the surrounding area: across the metro, 5+ unit buildings hold 17.1% of housing units, against 21.9% in Lubbock itself.

The median home was built in 1984. Some 44.7% of units predate 1980, with the 1970s alone accounting for 15.4%. Newer construction is more substantial than in many Texas cities: 18.2% of units were built in 2010 or later, including 15.5% in the 2010s and 3,156 units, or 2.7%, in 2020 or later. That newer supply competes directly with older buildings for the same student and young-professional tenants.

The neighborhoods on our Lubbock page show the split. Tech Terrace and Overton, next to campus, hold older houses, duplexes and small apartment buildings with strong student demand. South Lubbock has much of the newer garden-style construction. Wolfforth, to the southwest, is a separate city and is not included in these figures. An older building near campus can hold its occupancy, but it competes with newer amenity properties on finishes.

Property taxes on apartment buildings in Lubbock County

Texas has no state property tax. The Comptroller explains that appraisal districts set market value and local units levy taxes on it. The Lubbock Central Appraisal District appraises property for the City of Lubbock, Lubbock County, the Lubbock County Hospital District and the area's school districts, including Lubbock ISD, Lubbock-Cooper ISD and New Deal ISD. Apartments are appraised at market value with no separate assessment ratio.

The city's own rate is rising. KCBD reported on August 11, 2026 that the city council set a maximum rate of 51.3421 cents per $100 of value for fiscal 2026–27, up from the current 47.2191 cents and above the no-new-revenue rate of 47.5154 cents. An owner's total bill also includes the county, hospital district and school district rates on the same appraised value.

Under Tax Code § 23.231, non-homestead real property at or below a value threshold, $5 million for 2024 and indexed after that, cannot have its appraised value rise more than 20% a year plus new improvements. Many Lubbock apartment buildings fall below that threshold. The protection ends on transfer, so a buyer should expect values to move toward the sale price. Protests are due by May 15 or 30 days after the appraisal notice is delivered, whichever is later, according to the Comptroller.

Landlord rules

Lubbock cannot impose rent control. Local Government Code § 214.902 allows a city to adopt it only after finding a disaster-related housing emergency and getting the governor's approval. Deposit refunds are due within 30 days after a tenant surrenders the unit under Property Code § 92.103, which matters with heavy August turnover, and bad-faith retention can cost $100, three times the amount withheld and attorney's fees under § 92.109. Before an eviction filing, § 24.005 requires at least three days' written notice to vacate unless the lease sets another period.

What this means if you own a building here

Lubbock offers a renter share near half of all households and enrollment-driven demand that does not depend on a single employer. The risks are concentrated in turnover, rent burden, newer competing supply, and a city tax rate that is moving up. Buyers will look at your pre-leasing history for the fall term, your guarantor policy and the age of systems in older buildings near campus.

To estimate value, use our apartment building value calculator and cap rate calculator, and see our net operating income guide for how turnover costs flow into price. Skyline Capital Investments buys 5+ unit buildings across Lubbock, including Tech Terrace, Overton, South Lubbock and Wolfforth. Our seller page explains how we underwrite.

Before marketing a building, gather the last two years of rent rolls by unit type, your fall pre-leasing record, deposit refund logs, and recent appraisal notices and protest results. For older buildings, document roof, HVAC and plumbing work by year. Buyers in a student-driven market discount uncertainty about turnover costs, so records that show how long units sit empty between leases, and what make-ready costs, help support your price.