Renters paid an average of $1,105 for an apartment in October, the highest average rate in two years as the need for post-Hurricane Harvey housing is shoring up Houston's glutted multifamily market.
The average rent was $19 more than September's rate and $30 more than October 2016, according to a new report from Richardson-based Axiometrics, a real estate analytics firm.
Occupancy across the area increased to 93.7 percent, the highest rate in almost two years.
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"One interesting trend from RealPage's lease-transaction data was that the lease term for Class A units under new leases fell to 11.4 months" Jay Denton, vice president of analytics for RealPage, said in a statement. "We'll see if that continues into 2018 after many of those displaced by Harvey move back to single-family homes."
In areas with more than 1,000 units, RealPage tracked the highest rent growth in October.
- Galveston County -- 6.1 percent
- Cloverleaf/Channelview -- 5.4 percent
- Far Northwest/Montgomery County -- 4.9 percent
- Briar Forest/Ashford -- 4.7 percent
- Bear Creek/Katy -- 4.2 percent
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The Montrose/River Oaks submarket, one of the most oversupplied areas of town, posted 2.2 percent rent growth in October....Read more