News
Multifamily Rents Hit Hard By Oil Slump
April 12, 2016
Houston's average multifamily rents fell 12% year-over-year, one of the largest declines nationally, according to the April rent report by San Francisco-based apartment rental website Zumper. In April, the average rent of a one-bedroom fell to $960/month. The Bayou City had the highest decline among two-bedroom apartments in the nation, also down 12%, the Houston Business Journal reports. Apartments operators are doing what they can to keep occupancy rates up. While this is hurting owners' bottom line, it's been great for renters, who are finding bargains in leases. Zumper's report looked at rental trends among its 1 million active listings. [HBJ]
