Anyone else annoyed by how EXPENSIVE the rents have become in Houston in last 13 years? (Dallas: real estate, 2014)

[timtemtym]

My first apartment in Houston (Eldridge/BriarForest) was $600 back in 2002. It was an almost new complex.
I left Houston in 2012 and was paying 1,000 for a swanky unit near NewCastle/Bissonnet.

I moved to California in 2012 and paid 1,200 for a tiny one bedroom. We left Orange County this year paying 3500 for a two bedroom unit in a nicer building. That first apartment in Long Beach is now renting for 1900.

My first apartment on Eldridge is now charging 965 for that one bedroom.

[mojo101]

if you really want to live cheap,go to Welcome supermarket on Bellaire,read the postings of room for rent $250-$350 ,utilities,cable and internet ready.
Or buy/rent a condo in Sharpstown,

[NigerianNightmare]

People are also earning more money generally, and prices will likely always increase as disposable income increases.

The rise in prices are certainly benefiting some people. I remember my parents bought their North Katy home in 2008/2009 for 180,000, sold it a few years ago for 220,000 (We had long moved out but still owned the home and was renting it out), and now similar sized house in the same neighborhood is posted for 240,000-250,000 dollars.

I'm sure as South Katy is almost built out and Katy ISD continues to be desirable and more and more Cinco Ranch-esque neighborhoods get built in North Katy, those houses could become 300,000 dollars.

[NewYorkiforniainHouston]

2 br in the Heights - $750 (2004)
1 br apartment in Gulfton (I was trying to go cheapo) all bills paid w/d in the unit $575 (2006)
2 br home in Oak Forest - $750 (2009)

ah, the good old days

[Gradinco]

It's not the people moving in from out of state that drive rents up.
https://www.youtube.com/watch?v=NdfmMB1E_qk <--Louis has a lot of videos showing how hilariously broken NYC's real estate market is, but...anyone with a pair of eyeballs can look around say "Is *this* place really worth X?" and, well, sometimes it is, and sometimes it isn't.

[KerrTown]

The value of a Dollar has been eroding since the 2008 recession. Plenty of money has been printed for the past few years in a vain attempt to paper over a recession. Then COVID-19 triggers the fall of the House of Cards!

So that $570/month rent in 2006-2007 would be about $700 in a calculator. But demand and property tax increases (state/local government inflation) over that period will cause it to hover around $1,000.

[clerymary]

Originally Posted by KerrTown

The value of a Dollar has been eroding since the 2008 recession. Plenty of money has been printed for the past few years in a vain attempt to paper over a recession. Then COVID-19 triggers the fall of the House of Cards!

So that $570/month rent in 2006-2007 would be about $700 in a calculator. But demand and property tax increases (state/local government inflation) over that period will cause it to hover around $1,000.

That's a very general statement that actually doesn't mean too much from an economic perspective. What do you mean by the value of a dollar eroding? If you are referring to inflation, which is a normal process in every normally functioning economy, inflation has been super low since 2008 by historical standards. If you are talking about the value of the dollar vs foreign currency, again the dollar strengthened compared to foreign currencies.

[KerrTown]

Originally Posted by clerymary

That's a very general statement that actually doesn't mean too much from an economic perspective. What do you mean by the value of a dollar eroding? If you are referring to inflation, which is a normal process in every normally functioning economy, inflation has been super low since 2008 by historical standards. If you are talking about the value of the dollar vs foreign currency, again the dollar strengthened compared to foreign currencies.

In reality, the only thing propping the dollar up is the "world currency" status due to international oil trading (centered here in Houston). Curiously the developed world has been declining since the recession. Europe was suffering through austerity a decade ago--the effects are still lingering, especially in the Mediterranean countries.

The U.S. would have followed with the austerity route if not for Obama being in office at that moment, using the power of the presidency pushing the Keynesian theories of stimulus and deficit spending.

[clerymary]

Originally Posted by KerrTown

In reality, the only thing propping the dollar up is the "world currency" status due to international oil trading (centered here in Houston). Curiously the developed world has been declining since the recession. Europe was suffering through austerity a decade ago--the effects are still lingering, especially in the Mediterranean countries.

The U.S. would have followed with the austerity route if not for Obama being in office at that moment, using the power of the presidency pushing the Keynesian theories of stimulus and deficit spending.

You're once again making a lot of confusions, but I feel you are dragging this into a political discussion that I don't want to engage in. But I will ask some rhetorical questions:

How is the international oil trading centered in Houston when oil trades on INC in Atlanta and NYMEX in New York?

How exactly has the developing world been declining since the recession? By what measure?All the mainstream economic and financial measures like GDP, unemployment rates, financial returns, were improving in most developed economies since 2009.

How was Obama doing anything different than Europe where literally all developed nations in the world adopted similar stimulus measures to take their countries out of the recession?

If you hate Keynes and stimulus stuff so much, you should ask yourself why did the Great Depression lasted 2 decades when the Great Recession only lasted 1 year when the core problems were way more serious in 2008 than in the 30s. The reason of course has to do with the reluctance of the Federal Reserve to act in the 30s, but people with an insufficient understanding of economics and finance will of course find some other explanation.

[demog]

The rent increases aren't too absurd, just keeping in line with inflation, which is around 3-4% a year(of course more than official government data, which is massaged to be low)