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Houston home rentals skyrocket as apartment rents stagnate

Photo by RA Schuetz

The Bay Colony Pointe West neighborhood built by Houston-based Wan Bridge in League City. The houses in the neighborhood are available exclusively for rent. Rents for single-family homes in the Houston area were 5.2% higher in March than they were a year earlier.

Mark Mulligan, Houston Chronicle / Staff Photographer

Pandemic and demographic changes have prompted people to move from apartments to homes, and rents for different types of buildings are reflecting the change, as single-family home rents explode and apartment rents stagnate, according to the report. recent studies.

Rental rates for single-family homes are rising rapidly, according to real estate data company CoreLogic. In the Houston area, single-family home rents were 5.2% higher in March than they were a year ago, according to CoreLogic. The increase overtook the nation as a whole, which saw a 4.3 percent year-over-year increase in rental rates.

In contrast, apartment rents in Houston were unchanged in March from a year earlier and rose only 1% in April from April 2020, according to rental listings website RentCafé.

“The CoreLogic Single-Family Rent Index shows a shift in preference towards stand-alone properties as tenants seek more space in less dense areas,” Molly Boesel, senior economist at CoreLogic, said in a statement. “Before the pandemic, rents for individual and attached properties were increasing at similar rates. However, as of June 2020, the growth in rents for single-family properties accelerated, and in March, it increased to five times the rate of growth for rents for semi-detached properties. “

Investors follow tenants in the field of single family homes. Experts report renewed interest from investors interested in rental housing. Today, one in four homes sold in the Houston area is bought by an investor, according to John Burns Real Estate Consulting, which tracks residential investments.

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