Houston rents jump nearly 5 percent in 2012

Apartment rental rates have risen considerably in Houston.New data on the pace of rent growth in Texas’ largest city may be the strongest sign yet that there’s never been a better time for residents to consider leaping into the Houston real estate market while rates are low.According to recent data from apartment listing information firm RealPage, the rate at which rental rates rose last year was considerable. Though not?the quickest in the country, Houston apartments witnessed an annual rent growth pace of 4.8 percent in 2012. There were only six other metropolitan regions in which rent growth was more significant, those being San Francisco, San Jose, Oakland, Denver, Nashville and New York City.Greg Willett, vice president of MPF Research – which performed the analysis at the behest of RealPage – indicated that because of the rent price growth, many apartment unit owners are losing their tenants to the improving for-sale housing market, as buyers take advantage of affordable mortgage rates while they still can.And one of the best places to buy is in the Lone Star State. James Gaines, an economist at Texas A&M’s Real Estate Center, recently noted that Texas home values have risen at a steady 4 percent between 2006 and 2011, allowing buyers to adjust to the gradual rate of growth.
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