RENTAL MARKET Local rental rates continue climb
Market snapshot Apartment rents are rising locally, though not as fast as they were in 2021.
Heights/ Washington Avenue
Greater Houston area
Highland Village/ Upper Kirby/West U
ROOM REPORT BREAKDOWN
BY SHAWN ARRAJJ
in November of that year, they have increased to $1,804 since then. “We all knew this was going to slow down, temper itself back to more normal times,” McClenny said. McClenny said the Houston metro area is still more aordable than Dallas and Austin. Houston’s average rent hit $1,233 in May, which compares to $1,475 in Dallas and $1,648 in Austin. San Antonio has the cheapest average rent of the four cities at $1,193, accord- ing to ApartmentData.com. “That’s, in a relative sense, more positive for people that live here and want to live here,” McClenny said. Moving forward, McClenny said prices are likely to continue to rise. If rental rates were to drop, it likely would not be for desirable reasons, he said, giving job losses as an example. McClenny said Texas generally does a good job of adding apartment supply, but it still is not adding supply fast enough to bring rents down. “I don’t think it could add supply fast enough to make a dierence this
Recently completed: 403 Under construction: 257 Proposed: 1,088
Recently completed: 1,642 Under construction: 1,051 Proposed: 1,840
Recently completed: 22,340 Under construction: 14,498 Proposed: 33,996
Rents have continued to rise in Houston in the rst half of 2022, driven by an inux of new residents to the area and a single-family home market that is pushing more people to consider renting. Those trends can be seen in the Heights, River Oaks and Montrose areas, according to survey data from ApartmentData.com. Between February and May, average monthly rent prices rose 3.3% and 2.3% in two local submarkets tracked by the agency—Highland Village/Upper Kirby/West U and Heights/Washington Avenue, respectively. That compares to an average rent price increase of 2.7% across the Greater Houston area over that time. However, the rate at which rents have been increasing so far in 2022 has been slower than the pace seen in 2021, ApartmentData.com President Bruce McClenny said. Although rents in the Heights submarket jumped from $1,472 in February 2021 to $1,752
$2,000 $1,500 $1,000 $500 $0
FEB. 2022 MAY 2022
100% 96% 92% 88% 84% 80% 0%
SOURCE: APARTMENTDATA.COMCOMMUNITY IMPACT NEWSPAPER
year and next,” he said. Moving forward, McClenny said the rent and occupancy trends of the pre- vious six months are generally a good
predictor of what the next six months might bring. He said the market will probably settle down to some degree in 2023.
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HEIGHTS RIVER OAKS MONTROSE EDITION • JULY 2022
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