For nearly two years the Houston housing market has been booming. Home inventories are at all-time lows and the city set a record in July for total houses sold and total value of homes sold. It is no surprise then that rental costs have risen right along with home values. That includes rent houses, a market that has exploded with Houston's growth, particularly among young professionals not ready to settle into a home yet. But, with costs soaring in some of Houston's most desirable neighborhoods, it might be cheaper to buy.
YouTube screen grab. The rent is TOO DAMN HIGH!
We took a look at eight popular Houston neighborhoods where there were more than 15 current rental properties (that quickly excluded places like Midtown, Upper Kirby and Garden Oaks) that were not exclusively town homes (and not duplexes -- these are whole single-family dwellings), which tend to vary pretty widely in price range (this excluded the entire Galleria area, which is dotted with town homes and homes that rented for as much as $17,000!). What we found were that prices were remarkably high for rent especially considering these are single family homes, not duplexes, that don't include bills or yard maintenance -- nearly all the costs of a typical home, but without the ownership.
To get our numbers, we used Zillow's map tool and approximated general areas inside Houston's city limits with more than 10 single-family rental properties the week of August 15. We made a range from low to high for rental properties in that general area, also providing an approximate median cost for each rental. It is far from scientific, but gives a good idea of the average range of rent for properties in these neighborhoods.More »