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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Houston Newsletters
Related Stories

The Wideman Co. Buys Downtown Tower From Brookfield: The Houston Deal Sheet

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Forget Buildings, Retailers Are Leasing Environments

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing

Private Equity Firm Buys Former Texas Instruments Campus For New Headquarters