Thursday, May 12 2022

Inflation issues aren’t getting any better in Houston as apartment rents continue to climb across most of the metro.

While Houston is still more affordable than other cities in Texas, Bayou City is still seeing double-digit rent increases in nearly all suburbs and in the city of Houston itself, according to a new report from ApartmentList.com, a online site based in San Francisco. multi-family market.

Median rents in the City of Houston rose 11.5% from the same period last year after rising about 0.8% last month – the third straight month of rent spikes. The median rent for a one-bedroom apartment is $1,020 in Houston and $1,210 for a two-bedroom.

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In metro Houston, the city of Sugar Land has seen the fastest rental growth, with median rents climbing 15.9% over the past year to around $1,370 for a two-bedroom apartment. Pearland and League City have the most expensive rents in Houston’s suburban markets; median one-bedroom rents increased 15.2% in Pearland (now $1,520 for one bedroom) and 12.6% in League City (now around $1,380 for one bedroom).

Meanwhile, Conroe – which has seen an increase in the number of residents moving in – has seen rents rise by around 14.8% to around $1,200 for a bedroom.

However, Houston is still more affordable than many other cities. Rents rose 22% in Austin, 17% in Dallas and 15% in San Antonio, according to data from ApartmentList.com. Nationally, rents rose 17.1%.

National rent growth has slowed since last summer, but “we’re on track for another year of above-average growth,” ApartmentList.com analysts said in a statement.

“With the exception of December, rents have continued to rise during the low winter season, and growth is now accelerating as we enter the spring and summer months, when rental activity is normally at its peak. Even if prices do not rise as rapidly as in 2021, we are already seeing signs that this year will continue to bring rental growth well above the pre-pandemic trend,” they added.

Related: Soaring rents are forcing some Houston tenants to cut staff

Rents rise as demand for apartments in Houston has grown over the past year: Net absorption — the difference between tenants moving in and moving in — jumped more than 12,000 units this year, according to CoStar, the commercial real estate data company that owns Apartments.com.

Renters looking for bigger digs also don’t get a break. The median monthly rent for a single-family home has increased by about $300 in the Houston area, according to the Houston Association of Realtors. In February, median single-family home rents were around $1,900 a month, according to HAR data.

Rents are a key factor in the rise in inflation which weighs on household budgets. Last year, rents soared as housing demand surged during the initial recovery from the coronavirus pandemic. Now, escalating home prices and rising mortgage rates could prevent potential buyers from buying homes, adding pressure to the rental housing market.

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