Demand pushes rents to all-time high in HoustonDemand pushes rents to all-time high in Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=96652012-09-11T08:21:00Z2012-09-11T00:00:00Z

HOUSTON - Rents in the Houston area are at an all-time high and tenants are facing steep increases as demand for apartments shows no signs of slowing.

Over the past year, rents across the area have grown 5.3 percent to an average of $785 a month, according to Apartment Data Services in Houston. Annual rent growth is typically 2.5 to 3 percent.

Rents in upscale properties have grown 9.4 percent over the past year as the occupancy rate has risen. It's now 95 percent.

Prices for urban apartment sites have doubled in the past two years, as developers have rushed to build new projects, according to a report from Deal, Sikes & Associates, a real estate consulting firm.

With vacant land hard to come by in close-in locations, developers have been buying and bulldozing small office buildings, rundown apartment buildings or warehouses.

New supply could help ease the escalation in rents. In 2013, 11,000 new apartments will be added to the supply. That is still less than recent annual average of around 12,000 units, but higher than the 7,000 expected to open during 2012.

Read more at the Houston Chronicle.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://www.chron.com/default/article/rents-continue-to-rise-in-the-houston-area-3851960.php#photo-3432633Read more at {Source}

 Search NewsTalk Texas