Apartmentguide.com recently released their Annual Rent Report, which highlighted market trends and fluctuations experienced by renters in major cities across the United States.
The report revealed a slight rent decrease in prices across Texas, and Houston was no exception. Overall, Houston’s rental premiums fell 15.5 percent for studio apartments, 7.5 percent for one-bedroom apartments, and 9.9 percent for two-bedroom units.
Apartmentguide.com predicted that these rental prices could have occurred because the supply for property in the Houston rental market is finally meeting the recent surge in demand. However, it could also be due to the recent growth in Houston’s housing market.
According to a trends report released by the National Association of Realtors, home sales are up 2.2 percent in Southern region of the United States.
From this data, it appears that more and more Houstonites are turning away from the rental market and instead investing in purchasing properties