Specials Drive Houston Rents Down

About a year ago, I wrote a blog titled “Can You Really Get A One Bedroom In Houston For $1000?” Here we are a year later and the market has shifted. While, I wouldn’t say we have an excessive surplus of newly constructed apartment homes, there is a lot of competition and we’re currently in the slow season. Due to these conditions, apartment communities are running incredible specials and offering huge incentives to motivate people to move. These specials drive Houston rents down by reducing the net effective rate, and finally we’re seeing a decrease in the overall cost of rental housing in Houston.  Communities are offering anywhere from 4 weeks to 3 months FREE!

My market analysis of apartment communities and private rental options in October of 2016 indicates that one bedroom apartments average $1,394 and two bedrooms are around $1,979. This is over a $100 monthly decrease from the same time last year! The data is also showing that private landlords are pricing their properties similarly with the apartment industry. A one bedroom condominium or garage apartment averages $1,389, and two bedroom options average $1,972. The two bedroom rates have decreased over $200 monthly compared to 2015.

 

To remain consistent, I conducted a market analysis using the same criteria from October 2015. Everyone has different wants and needs, but in my experience, renters expect for some features to be standard in any rental option. Properties that do not offer the below have not been included in this analysis.

• Feature limited access gates
• Include appliances, but not limited to clothes washer and dryer, dishwasher, and refrigerator
• On-site, off-street parking such as a surface lot, carports or parking garage
• Provide central heating and cooling
• Located in Central Houston (Downtown, Midtown, Montrose, Upper Kirby/River Oaks, Memorial Heights/Washington Corridor and Greenway Plaza)

With average rates being in the $1300s for a one bedroom, we are definitely getting closer to that $1,000 apartment! $1,000 may not get you the Taj Mahal (well, after seeing today’s news, maybe it can), but $1,100 – $1,200 is certainly a realistic expectation in Central Houston right now. With rates going down and communities offering up to 3 months free, it is time to move! Contact me today for a custom list of properties that meet your needs! 832-513-9931