Houston apartment rents see the highest spike in America: Huge increases a newBayou norm
Forget the fiscal cliff negotiations. Let's talk about something that is hitting Houstonians hard just after the holidays — our leasing costs.
If your rent got upped last year, you're not alone: According to Fortune, the Bayou City topped the list for the highest rental spikes in 2012, with a 16.8 percent year-over-year rise since 2011.
With a vacancy rate of just three percent, twentysomethings and empty nesters looking for a decent space are willing to pay a pretty penny.
The Bayou City topped the list for the highest rental spikes in 2012, with a 16.8 percent year-over-year rise since 2011.
The median monthly rent in Houston runs $1,270.50 — although that's less than, say, Oakland (which ranked No. 2 on the list with a $2,017.50 median monthly rent and an 11.6 percent increase over 2011) or Miami (which took No. 3 at $1,900 per month and a 10.8 percent increase), it's certainly not insignificant.
Each week seems to bring news of a new young professional-geared mid-rise or a luxury high-rise breaking ground, and a recent prediction by the chief economist for the National Association of Realtors points to rising apartment costs driving more Houston residents to home ownership.
Are you buying in 2013?