How has Houston’s rental market developed in 2015’s second quarter? New data from Reis provides some perspective.

Creative Commons: Eflon: https://commons.wikimedia.org/wiki/File:Houston_night.jpg

Houston’s rental market has been one of the hottest in the nation, but new numbers from Reis on the second show show that trend may change in 2015.

The graph below shows the effective rent growth from 2015’s first quarter to the second quarter:

At 0.8 percent, Houston’s rental growth was the slowest of the large metro areas we sampled, and is certainly slower than the quarterly increases Reis has tracked in the past.

The second graph shows the average effective rent:

At just $875, Houston’s average rent is far below Boston’s $1,939, San Francisco’s $2,316, or most of all, New York’s eye-popping $3,294.

Finally, here is a graph showing the longer-term effective rent growth over the last year:

In contrast to its quarterly growth, Houston’s rental market posted strong increases over last year, with its 4.5 percent increase being the third strongest among large metro areas. That increase, though, does factor in several months of market activity before oil prices began falling, so the yearly increase may very well be slanted towards that earlier time.