Houston Renters Are Feelin' the Squeeze
The figures vary, but the bottom line remains the same: Most renters in Houston have seen their rents jump from last year. Where's that Rent Is Too Damn High Party guy when we need him?
Rents increased 16.8 percent over last year, according to Fortune's list of the ten cities with highest increases, where the Bayou City takes top prize. The list claims that Houston has a median monthly rent of $1,270.50, with a 3 percent vacancy rate. (Oakland, the second city on the list, saw an 11.6 percent increase in rent.)
According to a September Chronicle article that cites research firm Apartment Data Services, rents jumped 5.3 percent over the year. The firm calculated the average rent to be $875 a month. (Rents for upscale properties jumped 9.4 percent, according the story.)
In 2013, 11,000 new apartments will open in Houston, according to the story; the national average is 12,000.
This is one of the few times Hair Balls is grateful to live in a remote, boarded-up crack house with tinfoil over the windows, although even that has seen an increase -- now we and our 17 roommates have to pay an extra quarter apiece!