Business

Houston Rents Decline Slightly, Only Minimal Increase From Year Ago

Flat rents in the Bayou City buck a nationwide trend.

Houston rents went down 0.8 percent from June to July, according to a report by Apartment List. It found the median rent for a one-bedroom apartment in Houston is $1,160 and $1,500 for a two-bedroom.

Andrew Woo, a data scientist with Apartment List, said usually rents tend to go up during the summer, and that is what’s happening in other parts of the state and the country.

“Houston hasn’t seen that this year, I think partly because of the oil bust, the economy has slowed down a little bit,” he said. “So rents have tended to be kind of flat or slightly declining.”

Rents here grew only 0.1 percent since June of last year. Compare that to 2.1 percent nationwide and 2.9 percent in Texas.

Houston renters also fare well compared to similar-sized U.S. cities.

Still, incomes are not catching up with rent growth.

“In Houston, actually, inflation-adjusted incomes fell from 1980 to 2014 by nearly 10 percent, but rents continued to climb,” Woo said. “They increased by more than 15 percent.”

The Museum District, Downtown and River Oaks are among the most expensive neighborhoods in the Bayou City.

In the greater metro area, Sugar Land is on par with Houston, although rent here decreased by 5.2 percent from a year ago.

 

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Florian Martin

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters and the Houston Press Club. Florian is a native of Germany. His studies...

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