HOUSTON (KIAH) – The new year has brought some much needed relief to the rental market. Across the nation, rent prices fell 0.2% last month, representing the country`s first measurable price decline since 2020. This of course comes after a period of tremendous rent growth, when prices rose nearly 18% in less than a year. So prices remain high, but have turned a corner.

Where rents fell across the nation

Rents fell in 61 of the nations 100 largest cities this month. Riverside, CA saw the nations steepest rent decline this month (-3.1%), and prices fell in other growing cities that saw major rent increases this year, like Spokane, WA (-2.5%), and Reno, NV (-1.6%). But prices also fell in some of the nation`s largest and most expensive cities, like Seattle, WA (-2.9%), San Francisco, CA (-1.6%), and Chicago, IL (-1.0%).

For more analysis of the newest monthly data, check out our full January Rent Report.

National rents month-over-month

Rents in Houston held steady last month, compared to a 0.2% national decrease. Month-over-month growth in Houston ranks #40 among the nation’s 100 largest cities.

Year-over-year

Rent growth in Houston currently stands at 10.6%, compared to -2.8% at this time last year. This is the #81 fastest increase among the nation’s 100 largest cities. Rents in Houston are up by 6.6% since the start of the pandemic in March 2020.
Median rents in Houston currently stand at $998 for a 1-bedroom apartment and $1187 for a two-bedroom.