The price of rental and overall real estate value in Houston is generally lower when compared to other big cities such as New York. However, Luxury apartments do cost a lot of money in their value and they hold well with inflation. The real value of Houston is not so much when it comes to the lower price, but it’s more about how much you get out of your money. A $ 1,500 per month apartment in Houston will have Dryers, dishwashers, washing machines, fitness centers, entertainment centers, pools, lounges, parking garage, fire pit, and even grilling stations.
Rent vs. full pay:
While it’s always better to buy instead of rent, you should never buy a home you are not planning to stay for less than 15 years. Rent in Houston is a great deal since you don’t have to deal with inflation, mortgage, down payments, and other really stressful aspects of owning a home. Rent is less expensive in Houston if you stay in an apartment for anything less than 5 years.
For rent, the most common price for apartments go for is anywhere from $ 700 to $1,000. The average rent is $1100 since the second most common price point for rent in Houston is $1,001 to $1,500. However, there are some apartments that go for less than $700.
When it comes to how much they actually go for at full price, the price can vary greatly. It can be anywhere from $70,000 up to $800,000. This price margin can be dictated on a lot of things such as the number of bedrooms, overall size, location, build quality,
How apartment rent cost differs in Houston:
The rent in Houston always depends on where you live. If you live inside the 610 loops, then you are looking at a $1,400 for one bedroom. The apartment would have some amenities that are essential such as dishwasher and washing machine. One the other hand, a two-bedroom apartment can vary from $1600–$2000/month. Renting directly from a homeowner is always either a hit or miss, you can get a great deal if your landlord is understanding, but they can always charge a bit higher as the time goes by.
Uptown and Galleria areas are more expensive, Rice, river oak, greater memorial, Montrose, mid-town, and medical are going to be on the expensive side of things. A one-bedroom is $1600/month and a two-bedroom is $2000+/month in these areas.
What are the less expensive options in Houston:
Price when it comes to renting should not be seen at face value. If an apartment costs more, it can actually be cheaper overall if you look at the total cost. If an expensive apartment has a gym, yoga center, café, pool, rooms for studying, is closer to where you work, has a dishwasher and everything you might need, then an expensive apartment could be a great deal.
However, if your goal is to cut down on the costs completely, then it’s always a great idea to move to a less expensive area such as midtown. This can be a bit tricky since it’s far from most workplaces and can be inconvenient, but it’s always a great option.
How rent prices are changing:
Rent in Houston has drastically increased in 2018. This trend continued on to 2019 and it is expected to slowly increase over time. This led people to live slightly outside of Houston and work in Houston. This strategy is both economic and adaptive since the interest rates continue to rise with the mortgage rates in Houston.
For the price of $1400/month in Houston, you can definitely live in a newer luxury apartment that will get you hardwood floors, stainless steel appliances, amenities, and other benefits, but you can still lease an apartment around $1000/month.
The wild card for Houston apartment cost:
The main reason why some apartments are more expensive is because of where they are located. Houston has terrible traffic which can waste hours of your day every single day. The traffic is persistent regardless of time. Going for an apartment that’s downtown means that you don’t have to fight traffic every single day for an hour in the morning. Most corporate buildings are located at the heart of Houston and it is also where the expensive $1,400 apartments are situated. All things considered, going for an apartment that’s close to where you live is actually very beneficial. You not only get to enjoy the benefits such as the fitness center, kitchenware, professional service, and well-built housing, but you also get to avoid the dreaded traffic.