Houston Apartment Rents Drop Again But Still Up YOY
Houston rents may be down for the month but are moving upward from this time last year.
Asking rent dropped by 0.2% in August — to $840 for one-bedroom apartments and $1,030 for two-bedrooms, according to a report from ApartmentList.com. The median rent has increased by 3.6% year to year. This is the second straight month that the city has noted a decrease in rent since a jump in June.
Residents across the Houston metro are dishing out more for housing. Of the 10 largest submarkets, all but one (Rosenburg at a decline of 2.3%, to $1,030 for a two-bedroom) has seen a price increase over the past 12 months.
Pasadena is the least expensive place to live with median rent at $990 for a two-bedroom. Yet, it has recorded the biggest boost — up 4.1% compared to the same time last year.
On the flip side, the most expensive places to live are in Sugar Land, where two-bedrooms average $1,580. That is down 0.1% over the past month but up 1.4% over the past year.
Rent growth in the Bayou City is pacing faster than the state average at 1.8% and the national average at 1%. Yet, Houston still remains cheaper than many other cities, including New York ($2,510 for a two-bedroom) and Washington, D.C. ($1,560 for a two-bedroom). Compared to its in-state neighbors, San Antonio is at $1,060 for a two-bedroom apartment, Dallas is at $1,110 and Austin is $1,420.
