Houston Apartment Rents Drop Again But Still Up YOY
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Houston rents may be down for the month but are moving upward from this time last year.
Asking rent dropped by 0.2% in August — to $840 for one-bedroom apartments and $1,030 for two-bedrooms, according to a report from ApartmentList.com. The median rent has increased by 3.6% year to year. This is the second straight month that the city has noted a decrease in rent since a jump in June.
Residents across the Houston metro are dishing out more for housing. Of the 10 largest submarkets, all but one (Rosenburg at a decline of 2.3%, to $1,030 for a two-bedroom) has seen a price increase over the past 12 months.
Pasadena is the least expensive place to live with median rent at $990 for a two-bedroom. Yet, it has recorded the biggest boost — up 4.1% compared to the same time last year.
On the flip side, the most expensive places to live are in Sugar Land, where two-bedrooms average $1,580. That is down 0.1% over the past month but up 1.4% over the past year.
Rent growth in the Bayou City is pacing faster than the state average at 1.8% and the national average at 1%. Yet, Houston still remains cheaper than many other cities, including New York ($2,510 for a two-bedroom) and Washington, D.C. ($1,560 for a two-bedroom). Compared to its in-state neighbors, San Antonio is at $1,060 for a two-bedroom apartment, Dallas is at $1,110 and Austin is $1,420.