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

HOUSTON (KIAH) — Rent costs have cooled down some the previous few months in some components of Texas, but different cities are still at a high price in comparison with final yr as inflation stays high, in keeping with the most recent studies.

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

Houston’s rent median is still decrease than the nationwide median at $1,979, a distinction of $234.

Austin additionally noticed a lower in rent, dropping 2.0% to a median of $2,270, which is above the nationwide median.

San Antonio noticed the most important improve amongst Texas metros with a 5.1% improve, but their rent median stays the second lowest amongst U.S. metros at $1,456.

Dallas renters noticed a light improve of 0.9%, which added to their median of $2,131, the very best within the state.

Nationally, rents rose 5% from a yr earlier, which was the smallest improve in nearly a yr in a half, the report stated. Rents fell 1.4% from a month earlier and have been down 3.6% from the August peak of $2,053.

Persistently high rental costs, inflation and financial uncertainty continued to dampen rental demand on the finish of 2022.