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Houston Neighborhoods Where Rents Rose and Fell the Most in 2016

Visit AptExpert.com to start your apartment search - Houston, Pasadena, League City, Galleria - all areas, free apartment locator service! Nov 28, 2016
Houston apartment rents have largely stagnated amid a glut of new projects opening during the oil slump.
The average apartment rent across the Bayou City inched up just 1.3 percent year over year to $981 per month (average), according to Transwestern’s 2016 Houston Trendlines report.

Apartment developers and operators are offering between two and three months of free rent to entice renters to live in new Class A luxury apartment projects, which were planned when oil prices were above $100 a barrel and Houston was creating more than 100,000 new jobs a year. Now that oil prices have fallen by half and job growth has slowed dramatically, there are too many apartments and not enough renters moving to Houston— and that supply-demand imbalance is dragging overall rents down. (SEE EXCEPTIONS BELOW)

However, Houston is a big city. Rents grew in some neighborhoods while rents fell in others, according to Transwestern. The national commercial real estate brokerage looked at the average rent per square foot in 43 submarkets across the Bayou City, comparing rents in 2015 to 2016.
Nearly three-quarters of Houston neighborhoods — 32 out of 43 submarkets analyzed — saw positive rent growth of between 0.6 percent (Montrose/Museum District/Midtown) to 4.9 percent (Greenspoint/Northborough/Aldine), according to Transwestern.

Most of the top-performing neighborhoods were located on the east side of Houston, in areas like Baytown and La Porte.
Three Houston neighborhoods — Northeast Houston/Crosby, Jersey Village/Cypress/ and Katy/Cinco Ranch/Waterside — saw no change in rents.
Eight neighborhoods saw rents fall between 0.9 percent (Woodlake/Westheimer) to 3.3 percent (The Woodlands/South Conroe).
Most of these low-performing neighborhoods were located north of Houston, inside the 610 Loop and west of Houston — submarkets with the highest concentration of oil and gas employees.
Here are the Houston neighborhoods where apartment rents have risen and fallen the most in 2016:
Submarkets where rents grew the most:

Submarkets where rents grew the most:
  1. Greenspoint/Northborough/Aldine: 4.9 percent rent growth to $0.86 per square foot
  2. : 4.4 percent rent growth to $0.94 per square foot
  3. Dickinson/Galveston: 4.2 percent rent growth to $1 per square foot
  4. Baytown: 4.1 percent rent growth to $1.01 per square foot
  5. Westpark/Bissonnet: 3.5 percent rent growth to $0.90 per square foot

Submarkets where rents fell the most:
  1. The Woodlands/South Conroe: -3.3 percent rent drop to $1.18 per square foot
  2. Galleria/Uptown: -2.8 percent rent drop to $1.39 per square foot
  3. Medical Center/Braes Bayou: -2.7 percent rent drop to $1.43 per square foot
  4. Highland Village/Upper Kirby/West University: -2.3 percent rent drop to $1.73 per square foot
  5. Westchase: -1.7 percent rent drop to $1.13 per square foot   

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