Houston rents climb to record levels

Rents rose to their highest point ever in Houston.

Residential property management companies in the Houston area have increased rental prices significantly in the past 12 months, and this brought the average to the highest in the city's history, according to a report from Apartment Data Services.

The latest figure showed that overall rents rose by nearly $800 per month, which was more than 5 percent compared to the same point last year. This figure was close to double the annual rent growth average, which was slightly lower than 3 percent, the Houston Chronicle explained, citing the report.

"We're seeing strong rent growth," Josh Landry, development director of Gables Residential, told the news source. "It's been better than we'd probably expected."

High-end rents in the city eclipsed 9 percent compared to the same period the previous year, the report showed. Overall vacancies for this section of the market fell below 5 percent.

Inventory is supposed to remain elevated this year, as well. The report added that 11,000 units will be added to the supply during 2013. This figure is less than the average of 12,000 units typically in the city, but far higher than the 7,000 this year.

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