Ever since the job economy improved in Houston, more and more people are relocating in Houston. This has definitely led to an increase in the number of houses being rented, because these new individuals do not immediately buy new houses. As such, the rental world is enjoying a tidal wave of renters. The time this will last is yet to be seen, but for now, here some of the current rental trends.
Home sales do not have much effect on rents
Home sales have increased in Houston because of lower prices and better mortgage rates. More and more houses are being bought, and there are periods in between where it is actually difficult for the supply to meet the demand. This is indeed good news for the real estate sector, but what is even better is the fact that the rental sector has not suffered because of this. Home sales may be high, but the rental industry is also getting its fair share.
People prefer posh areas more
Even though there are several homes available for rent in the city-wide, people are more interested in living in improved neighborhoods. This is probably because the industries in Houston do pay impressive salaries, and quite a few of these people can afford high rents. Since money is not that much of an issue, they prefer a luxurious life and have no worries about meeting their budgets or any other financial issues.
Rents are rising
Quite an obvious trend, rents have risen rapidly in 2013 and show no signs of going down even though over half of the year has already passed. Stats indicate that rents have risen by almost 5% since the last two years. In some of areas, they have increased by an even higher percentage.
Rents are influenced by the job market
As already mentioned, the job market is booming, and people are enjoying good salaries, which makes high rents affordable for them. Landlords and property managers are using this to their advantage, and demanding greater amounts.
Searches support the spike in the rental industry
Online search stats have also made it clear that renting a home is a great option for many individuals. Every day, search engines receive many queries such as ‘renting homes in Houston’ and ‘lowest rents in Houston’, which indicates the popularity of this sector.
