Rental rates soar in Houston

Rental rates in Houston rose more than 16 percent in December.A new report on the cost of rental units provides further evidence that there's never been a better time to enter the Houston real estate market.
According to property listing website Trulia, rental prices are up more than 5 percent nationwide. And in December of last year, they skyrocketed in Houston – jumping more than 16 percent when contrasted with the same month in 2011. Home prices, meanwhile, elevated a more modest 3.1 percent.
Even with the slight increase in home prices, Jed Kolko, chief economist at Trulia, indicated that this is a positive sign for the housing sector overall, especially in the West and other parts of the country where conditions are improving.
“In 2013, rising prices will encourage more new construction and some homeowners to sell, which will help alleviate the current inventory shortage,” said Kolko.
According to the latest report from the Houston Association of Realtors, there's a 4.1-month inventory supply level of homes in the Texas' largest metropolitan area, down from an average of 6.2 in November of last year.
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