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Study: Greater Houston apartment rents keep climbing

Study: Greater Houston apartment rents keep climbing

Greater Houston’s October average rent price was the highest in two years, a new report shows.According to real estate technology and analytics firm RealPage Inc. (Nasdaq: RP), the average monthly rent for the Houston-The Woodlands-Sugar Land metro area in October was $1,105 — $19 more than the previous month and $30 more than a year earlier. It’s the area's highest rent level since October 2015.Overall, the metro area experienced a 2.8 percent rent increase compared to the same month last year, but some submarkets doubled or nearly doubled that. These submarkets included: 
  • Galveston County, 6.1 percent rent growth
  • Cloverleaf/Channelview, 5.4 percent rent growth
  • Far northwest/Montgomery County, 4.9 percent rent growth
  • Briar Forest/Ashford, 4.7 percent rent growth
  • Bear Creek/Katy, 4.2 percent rent growth
These findings are in line with San Francisco-based Zumper’s October apartment rent report for Houston-area cities. It found that the median rent for a one-bedroom apartment in Houston proper was $1,200. In The Woodlands, the median rent was $1,060, while in Sugar Land, the median rent was $1,000. RealPage, which is based in Richardson, Texas, also noted in its report that October’s occupancy rate was 93.7 percent, the highest since November 2015 but still lower than the national average of 94.7 percent. Yet that wasn’t the only interesting find, the study stated.“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 the report. “We’ll see if that continues into 2018 after many of those displaced by Harvey move back to single-family homes.” Trending Residential Real EstateSee the top 10 most expensive homes that sold in Houston in OctoberCommercial Real EstateSneak peek: Take a look inside Houston's second Hotel ZaZaHome of the DayImmaculate Custom Home In Hunters Creek Village BY Cupic Custom Homes Sponsored Listing
According to the Houston Association of Realtors, Houston’s single-family home sales bounced back almost immediately in the months following Harvey.Although year-over-year single-family homes sales in August plunged 25.4 percent, that figure bounced back to 4.2 percent in September and 7.5 percent in October.However, reporting by the Houston Business Journal shows that Harvey's impact on the residential market has varied widely no matter how wealthy a neighborhood may be

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