2022 REAL ESTATE EDITION
Expensive leasing
would be appraised and locked in, Johnson said. Homeowners are partly respon- sible for economic development, which occurs in growing areas, and homeowners want their commu- nities to be attractive, all of which results in increasing home values, Johnson said. A price-paid system reduces the number of residents who help make areas successful from being taxed out of their homes and allows homebuyers to know upfront what their taxes will be and what is a ordable, she said. Another idea is to lower the state- wide homestead exemption appraisal cap from 10% to a maximum of 5% and to appraise homes every other year rather than annually. Additionally, the change would apply to all homeown- ers, not just those with exemptions. Johnson said she believes appraisal reform has a good chance of passing in the upcoming state legislative session. Several Galveston County chambers of commerce in April signed a letter asking the Texas House Ways and Means Committee to address appraisal reform, saying “swelling property
renting is your only other option.” Pearland has seen one-bedroom rents rise by 12.1% in the last year, the fourth lowest among the eight cit- ies, which also include Houston and League City. That number is even lower when it comes to two-bedroom rates, which have risen 3.9%—the lowest among all nine submarkets. However, Pearland’s median one-bedroom rent is $1,200, which is second only to Sugar Land at $1,250. There are various factors for that in Pearland, McClenny said. While the city is located in a desirable spot south of Houston, there are about 500 new units that open in west Pearland each year, he said. Because there is not a lot of housing in Pearland to begin with, just the addition of a few residential units tends to give rates a supply shock even if the demand is strong, he said. “You see one new property come in, and it kind of stalls and stunts things for a time,” McClenny said. Shawn Arrajj contributed to this report.
appraisals are ... siphoning o the hard- earned pro ts of everyday Texans.” Galveston County Commissioners Court on April 18 passed a resolution supporting the state capping appraisal increases at 3.5% annually. Politicians who want to stay in o ce must respond with reform, Johnson added. “People get tired of hearing the same old promises and no action,” she said. “They can’t do this anymore. They’ve reached critical mass.” Rent increases The rise in property values is a ect- ing homeowners when it comes to tax- paying time as well as those seeking to rent out apartments. According to a May 31 report by Zumper, a site where users can nd rent- able housing, rents for one- and two-bed- room apartments have increased across the Greater Houston area. “The demand drives it all just like demand drives every other thing we are hearing about,” McClenny said. “I think we’re getting more demand because of the single-family stream. When you’re priced out and give up trying to buy,
A May report revealed Pearland one-bedroom median rental rates remain among the highest in the Houston metro and higher than the state median.
$1,250
Sugar Land
$1,200
Houston
$1,200
Pearland
$1,180
Spring
$1,130
League City
$1,114
Texas
$1,090
Conroe
$980
Galveston
$850
Pasadena
SOURCE: ZUMPER.COM COMMUNITY IMPACT NEWSPAPER
For more information, visit communityimpact.com .
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PEARLAND FRIENDSWOOD EDITION • JULY 2022
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