More than 2.2 million residents call it home, it’s the most populous city in Texas and fourth most populous in the entire country. World-class culture, favorable weather, abundance of greenery, award-winning cuisine and that southern hospitality are just a handful of reasons people love living in this diverse city.
Houston is often called Space City because it’s also home to NASA’s Johnson Space Center, formerly called the Manned Spacecraft Center. Besides its attractions, the city is also known for its low cost of living and lower energy costs thanks to the salary power of those who live here and the diverse sources of energy.
No doubt those are among the likely reasons that rent is rising throughout Houston. Here are five Houston neighborhoods in which rent for one-bedroom apartments has increased over the past year.
Photo courtesy of Sterling Point
- Price increase over the past year: 7.52 percent
- Average rent for one-bedroom in Sharpstown: $729
Sharpstown began as rice fields and prairie until a Houston land developer named Frank Sharp decided to develop it as a subdivision in the 1950s. A master-planned community, the design concept mixed shops, schools and parks among housing.
Sharpstown is located in the southwest part of the city and because of the time development occurred, most of the homes are post-World War II bungalows, traditional ranches and mid-century modern.
A one-bedroom can be found for $729 in Sharpstown, almost 8 percent higher than last year.
Fun Fact: Sharpstown was and remains one of the largest housing developments in the country.
Photo courtesy of Visit Houston
- Price increase over the past year: 8.9 percent
- Average rent for one-bedroom in Downtown: $1,824
Many cities are enjoying a resurgence of residents in its downtown area and Houston is no different. Just as it’s easy for more than 200,000 employees to make it to the 3,500 businesses that are based in the downtown area daily, Downtown Houston is also conveniently located for residents who appreciate easy commuting, award-winning culinary options, great cultural attractions and the luxury amenities often found within its housing options. The fact that it’s bordered by three major expressways (I-10 (North), 59 (East), and I-45 (South & West)) makes it quick to get anywhere in and around Houston or beyond.
A one-bedroom can be had for $1,824 in Downtown Houston, an increase of almost 9 percent from last year.
Fun Fact: JPMorgan Chase Tower is a 75-story skyscraper in Downtown Houston and the world’s tallest pentagonal (five-sided) building.
Photo courtesy of Visit Houston
- Price increase over the past year: 23.41 percent
- Average rent for one-bedroom in Memorial: $1,278
Almost two dozen neighborhoods make up Memorial, including Memorial Villages and Memorial Forest. Its breadth of space means there are a wide range of living options, from townhomes and older ranch-style homes to mansions and grand estates.
Some of the best-ranked elementary and high schools are within Memorial neighborhoods. In addition to good schools, the area has easy access to restaurants, entertainment and parks, as well as The Galleria and Uptown area.
Rents in the Memorial area have increased by just more than 23 percent since last year, bringing a one-bedroom to approximately $1,278 per month.
Fun Fact: The Edith L. Moore Nature Sanctuary is a 17.5-acre nature sanctuary with birdwatching trails and a historic log cabin on its site.
2. Greater Heights
Photo courtesy of Sawyer Heights Lofts
- Price increase over the past year: 23.85 percent
- Average rent for one-bedroom in Greater Heights: $1,573
Greater Heights is an area that includes several popular neighborhoods, including Houston Heights, and located in the northwest-central part of Houston. Each neighborhood does have its own history but one thing they all enjoy is close proximity to freeways, entertainment options and employment hubs since downtown Houston, The Galleria, The Medical Center and The Energy Corridor are all nearby.
Rent has been increasing throughout Greater Heights. In the past year alone, rent for a one-bedroom has risen by nearly 24 percent to $1,573 per month.
Fun Fact: Locals often call Greater Heights, and specifically Houston Heights, as “The Heights.”
Photo courtesy of Spenser Harrison for Visit Houston
- Price increase over the past year: 28.19 percent
- Average rent for one-bedroom in Midtown: $1,845
Midtown, from just a few decades ago to today, couldn’t be more different. What began as Victorian homes at the turn of the century ended up with homes in disarray, vacant lots and abandoned buildings by the 1980s and 1990s.
Thanks to some forward-thinking organizations that worked to make Midtown Houston a Tax Increment Financing (TIF) District, the area has since turned around to become one of the most walkable neighborhoods in Houston.
Today, it’s a vibrant community complete with more than 140 restaurants, bars and coffee shops. Bagby Park and Midtown Park host a number of events, in addition to the green space it affords nature lovers.
Rental rates have increased by 28 percent in this neighborhood, raising the rent to about $1,845 per month.
Fun Fact: Yappy Hour takes place every fourth Friday in Bagby Park’s dog park. Not only do fur baby parents get to meet one another, but pets receive complimentary treats from local sponsors.
We looked at all neighborhoods in Houston with sufficient available inventory on Apartment Guide and Rent.com and compared the average entry level price from November 2018 to November 2019 to find the neighborhoods with the highest percentage increase in one-bedroom entry level rent prices.
The current rent information included in this article is based on November 2019 multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.