rent control

The story of H-Town’s rental market so far this year echoes that of the housing market: Apartment occupancy is stable, and prices have cooled oh-soslightly. For the month of June, 89.6 percent of Houston apartments were occupied — exactly the same percentage as the national average, and down from a peak of 91.7 percent in April 2022. Monthly rent has eked up by 1.2 percent over the last 12 months, according to MRI ApartmentData, to an average of $1,272 for a one-bedroom. This nominal increase is a far cry from the mega rent hikes deployed throughout 2021-2022, even though submarkets — such as unexpected hot spots Clear Lake and Friendswood — are seeing annualized growth of nearly 15 percent so far this year. ApartmentData also reports that more than 21,000 units are currently under construction, and another 31,000 units are in the proposal stage.

74%

BY THE NUMBERS

Increase in the number of construction permits issued for multifamily buildings in Houston between January 2022 and January 2023. Permits for construction of single-family detached homes, however, were down by 40 percent over the same timeframe, according to the U.S. Census Bureau.

A 1912-BUILT COMPLEX, most recently the Farris Hotel in Eagle Lake, is for sale, priced at $1.6 mil. There are four buildings on the property, including the main hotel with 12 guest rooms, a bar and a dining hall. It’s been a restaurant, family residence, bed and breakfast — what sort of buyer will check in next?

LEADING THE TEXAS COASTAL