HOUSTON (CW39) If you rent an apartment, you know prices can go up and down. During this Pandemic, rental units have gone on a roller coaster ride. Some of it has been good. According to a new report by Apartmentlist.com , rent prices at the start of the Pandemic worked in renters favor.
For example, in March 2020, rent prices in Houston fell dramatically in response to the COVID-19 pandemic. Since then, renters have enjoyed “pandemic pricing” and double-digit rent drops in some places. But today, 16 months later, prices have fully rebounded and are back above pre-pandemic prices.
Rents in Houston grew 1.8% in June, compared to 2.3% nationally. Houston’s monthly rent change ranks #64 among the nation’s 100 largest cities.
Rent prices in Houston are currently 1.8% higher than they were last March, meaning they are finally back to where they would have been had the pandemic not cratered the market last spring.
Median rents in Houston currently stand at $959 for a 1-bedroom apartment and $1141 for a two-bedroom. This is the sixth straight month that the city has seen rent increases after a decline in December of last year. Houston’s year-over-year rent growth lags the state average of 7.8%, as well as the national average of 8.4%.
Here’s a look at how rents compare across some of the largest cities in the metro area.
- Sugar Land has seen the fastest rent growth in the metro, with a year-over-year increase of 12.8%. The median two-bedroom there costs $1,660, while one-bedrooms go for $1,299.
- Baytown has the least expensive rents in the Houston metro, with a two-bedroom median of $1,076; rents grew 1.1% over the past month and 3.8% over the past year.
- League City has the most expensive rents of the largest cities in the Houston metro, with a two-bedroom median of $1,757; rents increased 2.6% over the past month and 9.4% over the past year.
You can check out the full report by going to the Apartment List Website, for more information.