If you own a Houston rental property, you know it can be challenging to stay up to date with all the latest rental market news and trends. However, paying attention to what’s necessary and important can help you stay profitable. In our blog post today, we’re going to dive into rental statistics that every landlord needs to know. This will give you a general overview of the current housing market and rental statistics, which can help you plan an effective marketing strategy.
With that in mind, here are some current rental statistics from several reputable sources.
HAR: Lease Property Update July 2021
- Single-family home rentals fell 20.1% with the average rent up 11.4% to a record high $2,162.
- Townhome/condominium leases dropped 10.8% with the average rent up 5.8% to $1,756.
RentData: Texas Average Fair Market Rent for 2021
- Studio / Efficiency – $634
- 1-Bedroom – $699
- 2-Bedroom – $864
- 3-Bedroom – $1,146
- 4-Bedroom – $1,333
Apartment List: Houston Rent Report for September 2021
- Sugar Land has seen the fastest rent growth in the metro, with a year-over-year increase of 15.4%, with a two-bedroom median of $1,731 and one-bedroom go for $1,354.
- League City has the most expensive rents of the largest cities in the Houston metro, with a two-bedroom median of $1,820; rents were up 1.5% over the past month and 9.6% over the past year.
- Baytown has the least expensive rents in the Houston metro, with a two-bedroom median of $1,100; rents increased 0.9% over the past month and 6.2% over the past year.
- Galveston is the only city in the metro that has seen rents fall, with a decline of 0.7%. Median two-bedrooms there cost $1,203, while one-bedrooms go for $955.
- Houston’s median two-bedroom rent of $1,171 is below the national average of $1,246
While rents have increased in many cities across the country, renters can still find more reasonable prices in Houston as it’s still more affordable than most other large cities with 7.8% increase compared to the nationwide increase of 12.4% over the past year.
Pew Research Center: Who rents and who owns in the U.S.
- 72.5% of single-unit rental properties are owned by individuals.
- 69.5% of properties with 25 or more units are owned by for-profit businesses
- Of the nearly 44.1 million renter households in 2019, more than 45% paid rent equal to 30% or more of their gross household income.
- The Census Bureau counted nearly 20 million rental properties, with 48.2 million individual units, in its
In the 2018 Rental Housing Finance Survey, the Census Bureau counted nearly 20 million rental properties, with 48.2 million individual units.
National Multifamily Housing Council: Resident Demographics
- 44.1 million American households are renters.
- 37% of renters live in apartments
- 5.4million apartment households are single women.
The Zebra: Renting statistics through the years
- There are more people renting now than at any point since 1965
- 77% of the people in the US prefer to rent instead of buying a home.
- 49% of American renters are under 30
- Less than one-third (28%) of tenant applicants have a criminal record.
- On average, landlords screen two applicants per property.
- There are about 2,654 new renters every day.
- 77% of the people in the US prefer to rent instead of buying a home.
- Only 37% of renters have renter’s insurance.
- 12.3% of millennial renters plan to “always rent.”
- Millennial homeownership rates have fallen 20% in the past 10 years.
As the nation continues to emerge from the pandemic, the rising rent is a good sign for landlords and investment property owners but can put some renters or tenants that are hit hard by the current crisis in an even difficult situation. However, the bigger picture puts the landlord and the tenant in a disadvantage situation because income loss for the tenant can lead to non-payment and since there is an eviction ban, this means income loss for the landlord.
Under the CARES Act, landlords are prohibited from filing evictions for nonpayment of rent and charging late fees, or other charges related to nonpayment of rent. While not all landlords are included in this act, it is important that landlords review the act in detail and seek information regarding local mandates to ensure compliance in all rental activities.
As a full service property management company, we first inform our clients the reality of the situation, the current rental statistics, and plan on how we can reach the goal of collecting rent with consideration on our tenants’ situation. We believe that communication is key especially during this times and that it really pays off to start right by finding the best possible tenant.
Work with Apogee Properties
Apogee Properties is Houston’s leading real estate management company. We work and live in Houston and our property managers are local. We’ve been in business for more than a decade providing comprehensive property management services in the Houston region ranging from a studio condo to a multi-family million dollar estate.
Apogee looks forward to hearing from you and sharing what we can offer to your Houston property. Contact us today to learn more!
