Last week, Apartment List released its May 2016 rent report for Houston. Over the past month, Houston rent experienced decreases and continues to be one of the most budget-friendly places to rent in Texas.
Houston year-over-year rent growth at 0.8 percent
Over the past month, Houston rent prices declined by an average of 0.2 percent. This led to a year-over-year rental price growth rate of about 0.8 percent, compared to Texas’ overall growth rate of 3 percent. The median rent price for a two-bedroom in Houston right now is $1,500, and one-bedrooms are at $1,200.
Houston and Sugar Land are metro’s most expensive cities
Houston and Sugar Land continue to have the highest rents in the Houston metro area. A two-bedroom apartment in Sugar Land has a median rent price of $1,450, and one-bedrooms are at $1,110. Although Sugar Land is only showing a 0.5 percent rent increase over the past year, its growth rate for last month alone was a whopping 10.1 percent.
Conroe has fastest growing rents in Houston metro
Within the Houston metro, Conroe is the city experiencing the fastest rent increase on a year-over-year basis. Rents in Conroe are 3.2 percent higher than they were in April 2015, at $1,200 for a two-bedroom and $940 for a one-bedroom. Rents here increased by 7.4 percent in the past month.
Afton Oaks-River Oaks is Houston’s most expensive neighborhood
With median two-bedroom rents at $2,500 and median one-bedroom rents at $1,530, Afton Oaks-River Oaks is Houston’s most expensive neighborhood for renters. However, the neighborhood experienced a small rent decrease of 0.1 percent over the past month, and rents here are actually 1.8 percent lower than they were in April 2015, making this neighborhood one to keep an eye out for.
Westchase rents growing year-over-year
Westchase is Houston’s fastest-growing neighborhood when it comes to rent prices. Two-bedrooms here rent for $1,180, and one-bedrooms are at $900. Although rents in Westchase decreased by 2.2 percent in the past month, it’s overall year-over-year growth rate is 1.8 percent.
For methodology and data for other cities and neighborhoods in the Houston metro, see Apartment List’s City Report.
Yuki Graviet Knapp is a Content Marketing Associate with the Growth Team at Apartment List and is a resident of the Bay Area.
