Rents are increasing for an increasing number of tenants. Many people are being forced to relocate while others are struggling to find affordable accommodation.
According to ApartmentData.com, Houston rents have increased by 14.7% in the last year. The average monthly rent has risen to $1,200, up from just under $1,050 a year ago. And the occupancy rate is 91.5 percent.
La’Porsha Thomas reported that her rental property’s value increased. “I went from spending $1000 to nearly $1300 in a single transaction.”
There is no way I could afford to live there without a roommate, Katie Willig, another renter stated.
Renter Hayley Ockerhausen noted, “There are definitely a few things that I’ve observed, flats have been pricey.”
Rents are rising faster than tenants’ incomes, according to many tenants.
“Even if you have a job, you won’t be able to afford to live in Houston. So it’s a challenge, right? “opined Thomas
It’s impossible to afford,” Willig told us.
Several variables are to blame for the 14.7 percent increase in rentals, including job growth and an increase in the number of individuals relocating to Texas, as well as a pause in apartment development.
Only 18,700 new homes will be constructed in Houston by 2021, according to CoStar data, and only 12,900 are expected to be constructed this year.
Property managers also complain about rising prices for taxes, utilities, insurance, supplies, and labor.
According to the Houston Housing Authority’s president and CEO, David Northern, Sr., “We are seeing an uptick in folks having needs concerning affordability.”
A dearth of affordable housing in the area has prompted more people to contact HHA, according to Northern.
“Most of our customers are low-income people, people from marginalized groups, and those with disabilities who are elderly. It’s critical that we convey the proper message to landlords who are eager to rent to our clients in the right way,” Northern went on to say.
In his opinion, rent regulation is a viable option.
“Rent regulations do not exist in Texas. Anyone can set their own rental rate. Another way to discriminate against our clients who have vouchers is by saying we don’t even want to lease to these people,” Northern remarked on the matter.
Tenants are in need of assistance in Houston, according to Houstonians we spoke to
What if they could help low-income families by subsidizing housing? That would be a big benefit,” Natasha Cigarroa said.
Reduce your monthly rent by following these suggestions:
- A roommate is a good idea.
- In the winter, rentals are lower, so look for apartments.
- Negotiate your landlord’s rent. To avoid the expense of locating a new renter, they prefer to keep the current one.
- Offer to pay a portion of the rent in advance in order to get a discount.
- Sign a long-term lease.
- Let go of your parking spot.
- Consider renting from a private landlord.
- Consider relocating to a less expensive region.
- Invite your landlord to use you as a handyman or office worker.
- Ask for a fee for referring new tenants.