HOUSTON (KIAH) — Rent prices have declined slightly over the past few months in parts of Texas, but are still high year-over-year in other cities as inflation remains high, according to the latest reports.
While Houston’s renters experienced a 4.6% rent drop from December 2021 to December 2022, ranking fourth among the 14 largest U.S. metropolitan areas, the median rent is still $1,745, according to a Redfin report.
The median rent in Houston is still lower than the national average at $1,979, a difference of $234.
Austin also saw a decline in rents, falling 2.0% to a median of $2,270, above the national average.
San Antonio saw the largest increase among Texas metros with a 5.1% increase, but its median rent remains the second-highest among US metropolitan areas at $1,456.
Zones
Renters in Dallas saw a slight increase of 0.9%, adding to their average of $2,131, the highest in the state.
Nationwide, rents rose 5% year-over-year, the report says, the smallest increase in nearly a year and a half. Rents fell 1.4% month-on-month and 3.6% from their August peak of $2,053.
Persistently high rental costs, inflation and economic uncertainty continued to dampen rental demand at the end of 2022.
