As per the report published by Sugarland/Missouri city edition of communityimpact.com,
A Community Impact Newspaper analysis of seven Houston suburbs found average rents increased between 30.4 percent to 67.7 percent from 2005 to 2015, according to CoStar Group, a real estate research firm.However, average rents increased in Missouri City by more than 100 percent during the same time period.
Average Missouri City rent doubles
The average monthly rent in Missouri City in 2005 was $637, according to CoStar Group. But by 2015, the average rent had more than doubled to an average of $1,278.75. Bogany has been a Missouri City resident and Realtor for 33 years, and he is the vice chairman of the Fort Bend County Housing Finance Corporation. Bogany said when people come to him looking to rent a home or apartment that is not high-end and newly built, he directs them to Stafford, Fresno and parts of Houston.
“But rents have gone through the roofs in those places, too,” Bogany said. “There are some older townhomes in Quail Valley or Meadowcreek, but because of the lack of supply, those are rented before they even come on the market.”
Bogany said he believes part of the reason for rents increasing so much in Missouri City is because home sales prices have also increased since the Great Recession, and that has enticed many mom and pop landlords, who usually deal with single-family homes, to cash out.
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