The rental markets have been on a steady rise since 2009, but did that continue into 2014’s second quarter? In a word, yes!
The rental market in the Houston area continued its ascent in 2014’s second quarter, according to the latest analysis from Reis, Inc.
The average effective rent in Houston was $837 through the second quarter, according to Reis, which is up 1.5 percent from the first quarter and 4.5 percent from a year ago; similarly, the vacancy rate for the area was just 5.4 percent, down 1.1 percentage points (or 17 percent) from where it was in 2013.
And such were the trends nationally: at 4.1 percent, the national vacancy rate was unchanged from the second quarter, but has fallen nearly 50 percent from its 8.0 percent at the end of 2009; effective rents were up 3.4 percent from a year ago; and the 33,210 new units of rental housing represents the highest Q2 total since 2009.
For a closer look at how the nation’s rental markets stack up, check out our infograph below: