What’s happening with the Houston Texas Apartment Market?

What’s happening with the Houston Texas Apartment Market?

HOUSTON, TX. – Over the last two years we’ve seen a huge increase in the Houston Texas Apartment Market, especially with high priced apartments, but following the decline in oil prices earlier this year many of those new apartments are sitting vacant, and renters have to be lured with a variety of smart marketing methods and bonuses including: flat screen TV’s, cruises, or cool tech gear like Apple Watches.

Occupancy Rate Falling

With an overbuilt apartment market, and a struggling jobs market, many analysts have said that the occupancy rate in Houston Texas could drop to the 80’s, especially since developers are expected to put over 20,000 more rental units on the local rental market this year, and even more in 2017.

More Houston Texas Apartment To Choose From

Since they will have more apartments to choose from, especially Class A apartments with lots of amenities, the rental market will literally favor renters and this trend is expect to continue until the price of oil increases, or more jobs are added to the area.

Right now the average rent for a Class A apartment in Houston is $1,459 per month; or $14,590 per year and although the average renter, especially Millennials know, the buying vs. renting argument, they are choosing to continue renting.

When it comes to Class B rentals, the average rent right now is $948 per month, and some of the hottest markets for finding apartments for rent in the Houston Texas area are: Montrose, Galleria and The Height’s while areas like Westwood, Alief and Sharpstown have seen increases in rent over the last year.

Get Houston Texas Property Management

Regardless of where your rental properties are located in the Houston Texas area it’s going to be more important for you than ever before for you to have professional property management to insure that your rentals are professionally managed and rent is collected on time.

Learn more about the property management services Vestpro Residential Services can offer you by calling us at (832) 498-0016 or click here to connect with us online.