With some properties flooded or unlivable, according to new study from Apartment List, Houston’s rental market could get worse before it gets better, with trends in the Bayou City already pointing toward becoming unaffordable before Hurricane Harvey.
Apartment List, which helps renters find apartments, examined 100 metro areas across the nation, including four here in the Lone Star State: Houston, Austin, Dallas-Fort Worth and San Antonio.
It further studied rental costs compared to income, analyzing financial burdens on local renters; if a greater percentage of income goes to rent, then, according to the report, consumers are potentially with less money to spend overall.
According to the findings, many Harris County renters face “cost-burdens” by their rental payments, which means they pay over 50% of their income toward rent.
Compared to the other major Texas cities’ data, Houston is the least affordable for renters: nationwide, we ranked 58th out of 100 for affordability.
Dallas-Fort Worth topped the list of Texas cities with the most affordable rents, ranking number 18 overall in the study.
San Antonio placed 38th on the national list, with Austin trailing two spots behind at 40th, ultimately helping the Lone Star State receive a designation of “moderately affordable” from Apartment List.
Among its other conclusions, 49 percent of Houston renters are said to be cost-burdened, with 24.1 percent of renters qualifying under the study’s metric as severely cost-burdened.
Those numbers may not be improving any time soon, with rents reportedly soaring after Hurricane Harvey.
What’s more, rental experts believe Houston’s current economy could allow landlords to push rents higher than after previous floods, such as Tropical Storm Allison.
Stay tuned, y’all.