While almost all the economic news in Texas seems to be good these days, it’s no secret that the Rio Grande Valley doesn’t share equally in the success posted in major metros like Houston, Dallas, and Austin or in small energy-influenced markets like Midland/Odessa and Corpus Christi. In fact, recently-released Census Bureau information ranks Brownsville as the country’s poorest metro and adjacent McAllen as the third-poorest spot across the nation.
Is it possible to realize any apartment rent growth in that sort of environment?
Effective rent growth in McAllen/Brownsville’s 30,000-or-so apartments, in fact, has come in at 3% to 4% annually during much of the recent past, with the figure for the year-ending 3rd quarter registering at 3.2%. That’s right in line with the average percentage increase for the nation as a whole as of 3Q.
Read more...Apartment Rents Rise a Bit in Cash-Strapped McAllen/Brownsville | Property Management Insider