Houston rental rates increase 16.8 percent
Updated On: Jan 04 2013 06:26:17 PM CST
Rent is on the rise in Houston.
The Bayou City has always been known for its low cost of living, but now it's on a new list. Forbes said Houston had the highest spike in rental rates in 2012.
"It's supply and demand," apartment locator Steve Austin said.
He said apartments are filling up as more people move to Houston for work. The complexes can charge more because there is a higher demand. There are several large complexes under construction in and around Houston, but the space is needed now.
Forbes reports rent in Houston shot up 16.8 percent from 2011 to the end of 2012, and that the median monthly rent in Houston is $1,270.
"The rents are going so high that some people are being squeezed out of their homes," said Gail O'Neal with A1 Apartment Locators. "The rents are being driven up. The availabilities are down. Specials, unfortunately, are so much less than they usually are."
Austin said many of the people coming to Houston for work are coming from areas that already have higher rental rates. While the rates may seem high to us, he said they are considered reasonable to new people coming into our city.