The average rent for apartments in Houston decreased 1.1 percent over the past year, according to a new report from TransUnion.
Houston’s average rent was $881 in the first quarter of 2012, down from $891 in the same quarter a year earlier.
The average rent nationwide was $865 in the first quarter, up 4.4 percent from the $829 average recorded in 2011. That increase is not surprising given that vacancy rates reached their lowest level since 2001, TransUnion’s Mike Mauseth said in the company’s statement.
However, the average rent declined in six of the 10 major markets that TransUnion analyzed for its report with the largest declines in Denver, Chicago and Los Angeles.
Mauseth noted differences even in large metro areas situated relatively close to each other, as prices decreased in Houston and Los Angeles but increased in Dallas and San Diego.