Pace of home rent increases slows in Houston - Chron

• 

  Single-family rents were up 2.0 percent year-over-year in October, according to CoreLogic. A house in the Sienna community is pictured.

  Single-family rents were up 2.0 percent year-over-year in October, according to CoreLogic. A house in the Sienna community is pictured.

  Photo: Houston Association Of Realtors

Photo: Houston Association Of Realtors

Image 1 of / 1

Caption

Close

Image 1 of 1

Single-family rents were up 2.0 percent year-over-year in October, according to CoreLogic. A house in the Sienna community is pictured.

Single-family rents were up 2.0 percent year-over-year in October, according to CoreLogic. A house in the Sienna community is pictured.

Photo: Houston Association Of Realtors

Pace of home rent increases slows in Houston

Back to Gallery

Annual rent increases for single-family homes in the Houston area lagged those in Austin, Dallas and the nation in October, according to a new CoreLogic report.

Rental rates for single-family homes in the Houston metro increased by 2 percent year-over-year in October, well below the national average of 3.1 percent.

Increases in Houston single-family rents slowed from a year-over-year gain of 2.3 percent in October 2018, according to CoreLogic's Single-Family Rent Index.  Meanwhile, rents gained momentum nationally, rising from 2.9 percent increases last year.

RELATED: Home price appreciation expected to slow into 2021

Among 20 metro areas tracked, rents rose most in Phoenix (6.8 percent), Seattle (5.8 percent) and Las Vegas (5.4 percent). Rents went up the least in Miami (1 percent), Detroit (1.9 percent) and Houston (2 percent).

Single-family rental rates in Austin rose by 3.7 percent, while rates in the Dallas market went up by 2.7 percent year-over-year, according to CoreLogic.

Nationally, rent increases have stabilized around 3 percent since early 2019 after peaking at 4 percent in February 2016. A low inventory of rental homes relative to demand is fueling the rent increases.

“Increases in low-end rent prices have outpaced those on the high end for more than five years as newly-formed households push up demand for entry-level rentals,” Molly Boesel, principal economist at CoreLogic said in an announcement. “However, high-end rents gained momentum for the sixth consecutive month in October 2019, while low-end rates slowed for the first time in roughly five months – resulting in the narrowest gap in rent growth for these price tiers since 2014.”

Let's block ads! (Why?)

"rent" - Google News
December 17, 2019 at 08:00PM
https://ift.tt/34qX8Br

Pace of home rent increases slows in Houston - Chron
"rent" - Google News
https://ift.tt/34GsXHB
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini