Houston Apartment Rents Climb In June, Signaling That Pandemic Discounts Are Over
Houston multifamily rents rose by 1.8% in June, increasing for the sixth consecutive month and returning the market to levels last seen prior to the onset of the coronavirus pandemic, according to the latest rent report from Apartment List.
Rent prices in Houston are up 4.3% year-over-year, and they are 2.6% higher than they were in March 2020, meaning they have returned to where they would have been if the pandemic had not struck.
The report ranked Houston as No. 64 on the nation’s 100 largest cities for month-over-month rent growth. The city’s year-over-year rent growth continues to lag the Texas state average of 7.8%, as well as the national average of 8.4%.
Houston’s multifamily sector is in the midst of a comeback, with the market absorbing more than 23,000 apartment units over the past 12 months. Of those, around 65% have been absorbed since just the start of 2021. Texas’ reopening, along with the vaccine rollout and new renters entering the market, are all thought to be contributing to the leasing activity.
Median rents in Houston were $959 for a one-bedroom apartment and $1,141 for a two-bedroom in June, the data showed.
Sugar Land has seen the fastest rent growth in the metro, with a year-over-year increase of 12.8%. Next in line is Conroe at 11.5%, while Pearland came in third at 10.3%. Pearland had the most expensive one-bedroom apartments in June, with a median price of $1,450. League City had the most expensive two-bedroom apartments, at $1,760.