Plunging oil prices may finally curb runaway Houston apartment rents, according to Apartment Data Services Inc. via Houston Business Journal

Plunging oil prices may finally curb runaway apartment rents, according to a Houston multifamily expert.

In 2014, apartment rents skyrocketed 8.1 percent, fueled by a frenzy of new construction. Developers delivered 19,000 new units across Houston, much of it Class A. These luxury complexes and towers can charge a premium in rent — upwards of $2,000 a month — and can nudge Class B and C apartments to raise their rents, too.

However, falling oil prices may dampen rent growth in the coming years, according to Bruce McClenny, president of Houston-based Apartment Data Services Inc.

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