How Hurricane Harvey Changed Renting In Houston
Houston – A southern concrete jungle stretched out over hundreds of square miles, and home to more than 2.3 million Houstonians and expats. Everyone here knows that when it comes to weather, watch out for what you wish for! It will be sunny and 70 degrees one day and completely iced over the next. But, hey – that’s Houston! *cue every Houstonians slow head-nod and nonchalant “mmhmm”*
When the rain of Harvey storms met Houston in 2017, the weather wasn’t the only thing that surprised the entire city! The increase in rent prices did as well. Catastrophic flooding throughout the state displaced a recorded 13 million people from their homes, leaving renting as many people’s temporary solution.
Compared to the housing boom of 2014 when apartments were offering 2-3 months free just to get people in their doors, renters were met with the stifling reality of supply and demand — fewer apartments and higher costs. Those enticing rent specials came to a screeching halt and the rental market sharply rose.
The areas inside the loop that experienced a blast in pricing after Hurricane Harvey are:
Uptown – 8% increase
West University – 10% increase
Heights – 14% increase
EaDo (East Downtown) – 19% increase
River Oaks – 21% increase
Museum District – 21% increase
Greenway/Upper Kirby – 26% increase
Downtown – 45% increase
Bellaire – 52% increase
Shapefile Source by City of Houston Geographic Information System (COHGIS) via RentHop
The renting market has since stabilized, but even today, Houston renters continue to feel the effects of the category 4 hurricane. Average rent in Houston has increased by 6.2% since Harvey, placing it at about $1,027 per month. Not too bad of an average for the nation’s fourth largest city, ranking first in post-disaster resilience (#HoustonStrong all day), right?
There is still a ton of value in Houston apartments and we know there are hidden gems to be found. That’s what we do, we help find you those gems. Don’t feel like navigating the post-Harvey housing numbers? Let us do it for you! Call/text us at 713-482-1323, DM us on Instagram or Facebook, or fill out this form to get connected with a bomb.com Smart City agent!
