Houston rent rises 23% in seven years, and experts think it's not going to slow down

HOUSTON, Texas (KTRK) -- It's not just the price of milk, meat and gas rising. So is rent, and it's rising too much for some renters to keep afloat.

RENT RISES NEARLY 40% ACROSS THE COUNTRY SINCE 2014

The ABC13 data team compiled numbers of rent from the past seven years in several cities across the country. What it discovered is rent is up 39% compared to seven years ago.

In Houston, rent has gone from $1,230 a month in 2014 to $1,515 in 2021. It's an increase that renters know too well.

"I rent a two-bedroom and since the last time I had to renew it's gone up at least $400," renter, Venessa Manzanales said.

"I've been looking at houses. I've been working with a realtor," renter, Victoria Arredondo said. "I've been trying to get something easy to move in. Even apartments, I've looked at three-bedroom apartments. It's anywhere from $1,600 all the way to $2,200."

Houston Apartment Association member Stephanie Graves said like everything else, rent is rising. The cost to build and renovate is increasing, and so are the taxes landlords have to pay.

"As apartments age and then we purchase them and have to do improvements in doing that," Graves explained. "Things go up. Taxes go up. So, there is price increase certainly."

The rise in rent isn't as bad as other cities. In Phoenix, rent has risen 88% from $1,002 a month seven years ago to $1,885 in 2021.

In Los Angeles, rent has climbed 42% over the past seven years going from $1,886 a month to $2,644 a month.

It's not climbing as fast everywhere. In New York City, rent only climbed 17%. However, the average apartment is $5,728 a month.

THERE ARE WAYS YOU CAN TRY AND CUT DOWN YOUR RENT RATE

Facing climbing monthly payments, some renters feel like there's nothing they can do. "It's hard to keep afloat just trying to, you know I work a full-time job, my husband works a full-time job and it's just not enough," Arredondo said.

Graves said there are some ways to try and cut the cost. Start by locking in a lease. Once you have a lease, the monthly amount can't be changed during the length of the contract.

Like you do with other goods, shop around. If you're able to, expand your location to see other prices.

Also, keep checking. Graves said the prices change, so if you were quoted a price before, don't be afraid to check back. Lastly, talk to your landlord.

"You may get a letter saying your rent is going to go up by this amount of money," Graves explained. "I would ask those questions. I would go to my landlord is there anything we can do? Can I sign a shorter lease for less money? Can I sign a longer lease? Do we have anything we can do to make this more affordable to me?"

RENTAL PRICES ONLY EXPECTED TO KEEP CLIMBING

ABC13 data shows rent is up 23% in Houston over the past seven years. However, it climbed 10% in just the past year.

"That doesn't surprise me," Manzanales said. "It's really expensive to live here."

Graves said with the cost of building supplies, and labor is up. This will most likely lead to higher prices in the coming months.

"When you have permits to deal with, and taxes, insurance and the rising costs to build apartments and to renovate them, it's a struggle to make that happen," Graves said. "Do we expect rent to go up? I expect everything to go up."

For more updates on this story or guidance on the rise in price on goods, follow Nick Natario on Facebook, Twitter and Instagram.
Copyright © 2022 KTRK-TV. All Rights Reserved.