Wednesday, April 25, 2012
Apartment Rent Decreases in Houston
Apartment rent decreases in Houston, increases nationwide
Houston Business Journal by Olivia Pulsinelli, Web producer
Date: Wednesday, April 25, 2012, 11:06am CDT
- Olivia Pulsinelli
- Web producer - Houston Business Journal
Houston’s average rent was $881 in the first quarter of 2012, down from $891 in the same quarter a year earlier. Meanwhile, the average rent nationwide was $865 in the first quarter, up 4.4 percent from the $829 average recorded in 2011.
That increase is not surprising considering vacancy rates reached their lowest level since 2001, TransUnion Rental Screening Solutions President Mike Mauseth said in the company’s statement.
However, the average rent declined in six of the 10 major markets TransUnion analyzed for its report. The largest declines were in Denver, dropping 8.8 percent; Chicago, falling 4.8 percent; and Los Angeles, decreasing 2.6 percent. Atlanta was the only market to experience a significant increase, with a 6.3 percent jump in average rent.
Mauseth noted differences even in large metro areas situated relatively close to each other, as prices decreased in Houston and Los Angeles but increased in Dallas and San Diego.
TransUnion analyzed more than 130,000 rental applications from property managers nationwide.
Olivia Pulsinelli is the web producer for the Houston Business Journal's award-winning website. #realestateallaround
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