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. 

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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 rebound later this year and in 2017,” McCleskey said.

Similarly, rents for single-family homes in Houston are forecasted to grow by 2.5 percent in 2016. For comparison, rents grew 5.2 percent year over year between 2014 and 2015, according to Zillow Inc., a Seattle-based real estate company (Nasdaq: Z).

Houston home renters paid a median of $1,579 per month in December. That monthly figure is expected to rise to $1,619 over the next 12 months, according to Zillow.

Paul Takahashi covers residential and multifamily commercial real estate for the Houston Business Journal. Article from the Houston Business Journal January 22, 2016 

Shared by Kathy Curtis, Texas Apartment Locators Houston via AptExpert.com 
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