Viral Newz

Report: Texas cities see some rent relief, but costs still stubbornly high


HOUSTON (KIAH) — Rent prices have cooled down some the last few months in some parts of Texas, but other cities are still at a high rate compared to last year as inflation remains high, according to the latest reports.

While Houston renters saw a 4.6% drop in rent from December 2021 to December 2022, good for fourth among the top 14 U.S. major metro areas, the median rent price is still at $1,745, according to a report by Redfin.

Houston’s rent median is still lower than the national median at $1,979, a difference of $234.

Austin also saw a decrease in rent, dropping 2.0% to a median of $2,270, which is above the national median.

San Antonio saw the largest increase among Texas metros with a 5.1% increase, but their rent median remains the second lowest among U.S. metros at $1,456.

Dallas renters saw a mild increase of 0.9%, which added to their median of $2,131, the highest in the state.

Nationally, rents rose 5% from a year earlier, which was the smallest increase in almost a year in a half, the report said. Rents fell 1.4% from a month earlier and were down 3.6% from the August peak of $2,053.

Persistently high rental costs, inflation and economic uncertainty continued to dampen rental demand at the end of 2022.


Source link

Related posts

Austin Fire responds to house fire in northwest Austin

Lourdes Burroughs

Central Texas homeowners turn to rainwater harvesting

Lourdes Burroughs

What can I bring to Austin City Limits music festival: Your go-to guide

Lourdes Burroughs