RENT'S DUE

Houston rent prices jump almost 11 percent from 2022, report finds

Houston ranks 51 in the U.S. for highest rent, per the report.

Photo courtesy of Dolce Midtown Apartments

Apartment rent keeps going up in Texas, and in Houston the increase is nearly 11 percent more than last year, making it increasingly difficult to afford living in the city. That’s according to a new national rent report from online rental marketplace Zumper.

Despite rent increases showing a small slowdown month-over-month, overall prices are still on the high side from the previous year. For example, the average rent for a two-bedroom apartment in Houston is $1,650 now, in March of 2023, which is a .60 percent increase from the previous month, but a nearly 11 percent increase from 2022 at 10.7 percent. The average rent for a one-bedroom is $1,350, which is a mere 3.1 percent increase month-over-month, but also a whopping 10.7 percent increase from last year.

The report looked at rental data from more than one million active listings in the top 100 cities in the United States to determine the rankings. Zumper ranked Houston the No. 51 most expensive rental market across the nation in February of 2023, up one place from the last report.

The report attributes these recent rental increase trends to the nation's rising inflation rate and unpredictable economy. Though unemployment is low (less than 3.4 percent), potential homebuyers are being sidelined with increasing interest rates. This is causing more competition among renters all over the country.

“Many markets continue to either normalize or correct following the steep increases in rent seen in 2021 [and 2022] in the zero interest rate [and] QE environment we went through,” said Zumper CEO Anthemos Georgiades in the report. “With interest rates expected to rise further in 2023, we anticipate continued deceleration in rent rises as new household formation freezes or is at least postponed.”

Just four places down the list from Houston is Fort Worth, coming in as the No. 55 most expensive rental market, which is a five-place increase from a previous report. Average rent for a one-bedroom apartment increased over the last month, at $1,300, and is still 7.4 percent higher than it was last year. Two-bedroom apartments saw a much smaller year-over-year increase at 3.2 percent, with the average rent price at $1,600.

Five cities in the DFW metro area also made the list, as well as Austin (No. 25) and El Paso (No. 95). Most notably, Irving (No. 34) is experiencing a nearly 15 percent year-over-year rent increase for both one- and two-bedroom apartments.

The nine total Texas cities that made the list include:

No. 25 – Austin
No. 34 – Irving
No. 36 – Dallas
No. 40 – Plano
No. 51 – Houston
No. 55 – Fort Worth
No. 66 – San Antonio
No. 67 – Arlington
No. 95 – El Paso

The full data from Zumper’s National Rent Report can be found at zumper.com.

Rent Report Housing Costs rent rent prices apartments texas lists houston apartments Houston rent houston apartment market

A Montrose jewel box

Charming Montrose townhouse with 2-story atrium hits the market

Photo by Sonya Sofrankpo for Sotheby’s International Realty

1507 Harold Street is on the market for $950,000.

Montrose has long been Houston’s neighborhood for the eclectic, a place where cute bungalows, mom-and-pop shops, and trendy bars and restaurants sit side-by-side. The neighborhood is a microcosm of the city itself: diverse, developing, beloved.

And even as the neighborhood has steadily gentrified, echoes of its past remain. One of those is now for sale. 1507 Harold Street, a remodeled jewel box of a space, is on the market for $950,000 and represented by Tracey Smith of Martha Turner Sotheby’s International Realty.

The 1950s townhome has fabulous natural light, balconies, a courtyard filled with native plants, and a funky charm that evokes the neighborhood’s past and present.

Painted tile floors and long hallways with splendid light set the tone for this home. They give way to an open, airy arrangement, showing off 1507 Harold’s nearly 3,000 square feet. The three-bedroom, two-bath home is immediately centered in its neighborhood, but also a retreat from the bustling city around it.

If the devil is in the details, 1507 Harold has plenty of them. Think painted clay tiles on the first floor and solid red oak hardwood on the second floor. Add to that custom Pedini Italian kitchen cabinets, Neolith countertops, and a Quemere custom backsplash in the kitchen. See also the epoxied garage floor with glass garage door.

Floor-to-ceiling windows not only let in the natural light, they give 1507 Harold the feeling of being surrounded by nature. That feeling is enhanced by the home's two, second-floor balconies. One of them, off the primary bedroom, overlooks the cloistered courtyard filled with native plants, park bench, and natural seating. The other faces the neighborhood. A two-story atrium provides space for meditation, contemplation, and casual gathering.

The dining room has a dry bar that’s perfect for storage and an Aobosi dual-temperature wine refrigerator. The primary bedroom has built-in bookcases and drawers, and an ensuite bath with soaking tub and shower. Sliding doors lead to the balcony.

The garden’s irrigation system waters plants daily, keeping this green space well-tended.South Texas cactus and olive trees welcome homeowners and visitors at the front entrance.

The home's welcoming vibe has to be seen to be believed. It’s rarely been on the market, and the odds are high that its next owners will keep it for a very long time. It’s just that kind of place.

Photo by Sonya Sofrankpo for Sotheby’s International Realty

1507 Harold Street is on the market for $950,000.

home-for-sale

RENT'S DUE

Houston rent prices jump almost 11 percent from 2022, report finds

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A Montrose jewel box

Charming Montrose townhouse with 2-story atrium hits the market

CultureMap Emails Are Awesome
Get Houston intel delivered daily.