Rent rates show signs of falling after months of increased around the country

Money

Houston has lower rent rates compared to other cities

Apartments.com

HOUSTON (KIAH) — According to a November Rent report released by Apartment List, rents are actually falling in about a quarter of the nation’s largest cities.

The report shows that rents fell this month in 22 of the nation’s 100 largest cities, breaking a six-month streak, in which rents were rising uninterrupted in virtually all of these cities. Here are some highlights impacting Houston so far:

  • Rents in Houston increased 0.5% month-over-month, compared to a 0.8% increase nationally.
  • Month-over-month growth in Houston ranks 60th among the nation’s 100 largest cities.
  • Year-over-year rent growth in Houston currently stands at 9.6%, compared to -2.4% at this time last year.
  • Median rents in Houston currently stand at $1,000 for a one-bedroom apartment and $1,190 for a two-bedroom.
Apartments.com

Rents are still trending upward, but that growth has slowed significantly this month. As shown above, the national rent index increased by 0.8% this month, which is less than half of last month’s growth rate, and the smallest increase since February. However, despite this slowdown, rent growth is still outpacing its pre-pandemic trend.

Around the country, several cities have even deeper decreases. Boise saw the biggest decline this month, with rents falling by 3.1%, indicating that the unprecedented boom there may have crested. Rents also fell by 1% this month in San Francisco, where prices remain 11.8% below pre-pandemic levels.
For more analysis of the newest monthly data, check out the full November Rent Report.
 

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