Rents for Houston Homes and Apartments Are Still Rising but at a much slower pace amid the oil slump according to news reports!
Rents for Houston homes and apartments are still rising, albeit at a much slower pace amid the oil slump, according to two new reports. Apartment rents grew by 1.7 percent year over year in December, the sixth straight month where year-over-year rents fell. For comparison, apartment rents grew 5.5 percent in December 2014, according to Axiometrics, a Dallas-based multifamily data provider. Houston apartment renters paid an average of $1,064 per month in December. The average occupancy rate was 93.5 percent, according to Axiometrics. Sponsored by Axiometrics predicts apartment rent growth will continue to decline during the first quarter of 2016 as crude oil prices plummet below $30 a barrel and energy companies announce more job cuts. However, Axiometrics believes Houston’s multifamily market may rebound next year. “Overall job growth in Houston’s diversified economy is still positive, and we are forecasting the metro’s apartment market to rebo...
