As Houston grows, rents continue to rise

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by KHOU.com Staff

khou.com

Posted on October 1, 2012 at 5:13 PM

HOUSTON--Living in the heart of the action comes with a price and that price is getting higher.

"I just came home one day. There the renewal notice was and it was $180.I thought it was a typo," said Angela, a renter.

Houston based Apartment Data Services tracked rents over the last year in Houston’s hottest neighborhoods and some spikes are higher than ever.

Heights: 17 %
Montrose/Museum District: 9 %
Inner Loop West/Greenway Plaza: 8.7 %
Galleria: 7.1 %
Medical Center/Bellaire: 7.1 %
Inner Loop East: 3.6 %

Angela says this latest hike has forced her to downsize and cut back.

"It’s taken away from me, like going out to eat and doing other things. I have to budget appropriately," she said.

While some renters say they’re considering moving away from the Houston metro area just to stay within their price range, others are finding affordable options in the newest complexes set to open in the months to come.

Steady job growth has translated into booming construction.

Forbes Magazine recently named Houston America’s coolest city, saying that nearly 50,000 Americans flocked here last year.

"I wouldn’t say just be satisfied with the rent hike or having to move to a smaller unit. There’s way too many options out there," said renter Mandy Haskell.

She’s moving into a new building on Washington next month. Haskell says that decision was a no brainer once she found out her rent was going up almost $300 dollars. She just hopes what her realtor told her is true.

"Supposedly next year, rent will either stay the same or might go down a little bit which is what I’m hoping I don’t have to move again," said Haskell.

If the growth continues, experts say you shouldn’t count on that.

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