Rents in 77024
April 4th, 2013
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A Japanese client recently asked me if rents were going up in his area of Houston, 77024. I did a small research project for him to see. My conclusion: Rent now compared to Rent from one year ago, has gone up 7.2%.
For illustration purposes, let's use the exact same criteria of home:
3 bedroom townhouses in 77024 that are OVER 2000sf
For April 4, 2011 - April 4, 2012, there were 27 such leased properties. They ranged from $1950 to $3800, with the average adjusted lease price at $2611.
If we compare that to today's market and take the past year up until now, April 4, 2012 - April 4, 2013, with the exact same criteria, we see only 20 such properties (this proves there is less inventory- down about 26%), and the prices range from $1800 to $4100. The average adjusted lease price of these 20 properties is $2795. This reflect an upward rise in rent of approximately 7.2%.
Here is the chart:
http://screencast.com/t/TvCo3V3jCbjj
Just FYI! Annoura Realty Group was recently interviewed by Yomiuri Shinbun about rent increases in Houston. I told them the same thing. Houston is HOT and prices (to rent and to buy) are going UP!
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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