Houston ranked among top 10 cities with decreasing rent— prices reportedly down by about 8%
People from all over the world move to the Bayou City every year, so it’s no surprise to see apartments going up just about everywhere.
ApartmentGuide.com recently published a list of the cities with the most extreme increases and decreases in two-bedroom apartment rental prices. Houston made the top 10 list of cities where rent is actually going down.
The article claims that from the year 2000 to 2016, the Houston metro area gained a million new residents, mainly because of Hurricane Katrina evacuees. But the growth slowed down due to the oil recession and Hurricane Harvey. Just this past year alone, ApartmentGuide.com says rent has gone down 8.4 percent.
According to one realtor we spoke to, it’s not a bad sign for Houston’s economy, but it’s also not that big of a change.
“Your average house or apartment to rent is about $1,400 to $1,600 per month, but with a decrease in about 5 percent to 8 percent. I don’t think it’s that big of a difference. That might be like a $90 to $100 difference,” Houston realtor Joe Chapa said. “So it’s not that much of a make or break the market kind of change.”
While some might think Houston rent is too high, others are just thankful it isn’t as high as other places across the nation.