With many people flocking to Texas cities like Houston, Dallas and Austin due to the lower cost of living, the ripple effects of the population boom resulted in growing rent prices. Houston, in particular, has gained popularity in the last five years, and as Houstonia previously reported, the city has seen a 7.3% population increase between 2015 and 2020.
The most recent US Census data showed that Fort Bend, Harris, and Montgomery county accounted for 25 % of Texas' population growth. And the influx of new residents doesn't seem to be slowing down, with the Texas Demographic Center predicting counties such as Fort Bend will see their population double by 2030.
Houston has seen an 8% increase since the beginning of the COVID-19 pandemic. Now, just as the economy is adjusting to the effects of COVID, rent freezes and eviction moratoriums are expiring, and monthly rent prices have risen, as seen in a month-to-month increase of 0.9%. The most expensive Houston county on the report is Fort Bend, with an average of $1573 a month. The least costly Houston county on the account is Harris, with an average of $1218 a month.
Although the growth in Houston’s popularity reflects in higher rent prices, the city’s average is about 9% less than the entire state of Texas, which has a monthly average of $1278. Dallas and Austin rank higher than Houston at $1299 and $1703 a month. Coppell, a suburb of Dallas, tips the scales with an average of $3935 a month, while Odessa is the cheapest city in the state, with a monthly average of $676.
As more people choose to call Houston their home and inflation catches up with the growing demographics, rent prices will keep rising. This may be one of the reasons more, and more Texans are opting to live in tiny houses or container homes. But, if you’re still interested in traditional rental housing, you can monitor the monthly rent estimate report and hope for some relief.
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