HOUSTON, Texas – Earlier this year the multi-family rental market in Houston was booming as the city remained one of the top relocation destinations in the United States and in spite of low oil prices Houston still continues to remain strong and doesn’t show any sign of slowing down.
Rent Growth Levels Are Increasing
Thanks to recent statistics from Jay Parsons of MPF Research we know that lease renewals have actually increased every month of this year instead of decrease like many people initially thought they would.
As of April 2015 lease over rent growth increased by 6.1% and that’s much higher than the 5.3% lease over rent growth that we saw back in 2011.
Renter retention has also increased for 20 months straight and hasn’t shown any sign of stopping but the big question is why are renters staying put and renewing their leases?
In a recent interview Jay Parsons had this to say about renter retention in 2015: “Renters are increasingly choosing to stay put and renew their leases in spite of rapidly rising rents and historically large levels of new supply, which logic would suggest would be driving down retention. And the fact that retention is still so strong speaks to the depth of demand for apartments and to the absence of any sort of affordability crisis in conventional, investment-grade apartments.”
Grow Your Rental Property Portfolio Now
Another great reason to grow your portfolio of rental properties now is low mortgage interest rates which have continued to remain at 4%, or lower, all year long.
Recent news from Janet Yellen and the Federal Reserve indicates that the Fed most likely will not raise interest rates this year so if you’ve been thinking about adding more properties to your portfolio there’s never been a better time than right now
Get Houston Texas Property Management
Stop managing your rental properties yourself, save time and money with effective Houston Texas Property Management by contacting Vestpro Residential Services today by clicking here, or calling us at (832) 498-0016.