According to the latest report from the Houston Association of Realtors, renters across the Greater Houston area are seeing slight decreases in rent rates as supply of units remains steady.
The breakdown
In a Sept. 16 update, HAR officials said the continual availability of rental units has helped the Greater Houston market stabilize the cost of rent.
“The rental market remained well-balanced in August,” said HAR Chair Theresa Hill with Compass RE Texas, LLC – Houston. “Having more choices at stable price points helps renters focus on finding a home that meets their needs. As we move into the fall, renters should continue to find a market that offers both opportunity and flexibility.”
The number of rental units available jumped nearly 5% year over year in August. Meanwhile, the average cost of rent saw a small decrease.
Renters of townhomes and condominiums saw the opposite trend, with average costs going up by 2.4% year over year in August.
The number of those units available on the market also decreased as more renters fill those spaces.