The booming Katy, TX population is all the buzz in the real estate media these days. In a recent article from Covering Katy, experts say that the increase in multi-family home construction has actually caused an oversupply of apartments in the Houston area. Pulling from reports released by the Houston Apartment Association and Apartment Data Services, the abundance of apartments has led to a rental rate decline of about two percent since this time last year.
If you have recently driven down Grand Parkway or down I-10, it is easy to notice all of the new homes sprouting up in the area. If you travel north of I-10, this is where you will find the hotspot of low rental rates in Katy. According to the January Housing Report, the area reported the average price for a single-family lease for $1,514. Katy residents will now find themselves with more affordable renting options for the time being.