Helpful news and resources for Texas landlords.
In Houston, Texas, the rental market is growing by leaps and bounds. According to the Houston Association of REALTORS®, 2014 showed record levels for the local Houston housing market, with home sales prices and volume reaching record heights. At the same time, inventory levels dropped to record lows. Much of the frenetic real estate activity in Houston was driven by an additional 125,000 new jobs in the area that lured both buyers and renters from around the country. The Houston Chronicle reported that leases for single-family homes in the Houston area climbed by nearly 14 percent during the third quarter of last year. Condo and townhouse rentals increased by almost 23 percent during the same time period.
Numerous factors are driving the surge in rentals, including a tight inventory with few available options. As transplants from states such as Nevada and California flood into the Houston area, an inability to sell their homes in their former states frequently means an inability to buy in their new city, leading to an increased demand for rentals. Apartment Data Services reported that not only is demand on the rise in Houston but so too are rental prices. Overall, rents had increased by 8 percent in the greater Houston market as of July 2014. In certain submarkets, however, rents are rising at an even sharper level. For instance, West Memorial/Briar Forest saw a 14.4 percent increase, while Tomball/Far Northwest was not far behind with a 14.1 percent increase in rents.