In addition, Pearland has a smaller share of more affordable homes (priced below $200,000) within Brazoria County as a whole, but a larger share of the County’s homes priced $200,000 and above. FIGURE 6.5: HOUSING UNITS BY VALUE, 2021 Pearland Study Area Brazoria County Source: ESRI Business Analyst
30%
25%
20%
TOWNHOMES AT LAKE PARK Townhomes at Lake Park is located at 1555 Cullen Boulevard in Pearland. Built in 2018, it contains 247 townhouse-style units. The average monthly rent is $1,791, or $1.63 per square foot. There are currently no available units at this community. The community offers one-, two-, and three-bedroom units with upgraded interior features and community amenities.
CORTLAND AVION SHADOW CREEK Cortland Avion was completed in 2016, making it one of the newer communities in Pearland. The 279-unit community is located at 2101 Kingsley Drive. The average 1,099-square-foot unit has an average asking rent of $2,495 per month, or $2.27 per square foot. The current vacancy rate is 9.0%, resulting in 25 available units. The community offers one-, two-, and three-bedroom floorplans.
15%
10%
5%
0
The increase in housing costs applies to renters, as well. Average monthly rental rates in Pearland have increased approximately 20% since 2017 were 27% higher than the average rent in the greater Houston region Avion. Townhomes at Lake Park and Cortland Avion Shadow Creek were used as representatives of current rental communities in Pearland. Cortland Avion, with rental rates $1,000 higher than the Pearland average, had 9% vacancy with 25 units. Townhomes at Lake Park was $400 over the average with full occupancy.
Takeaway The average home price is higher in Pearland than in the surrounding Houston market. More affordable rental units are in high-demand, but few of these are being constructed.
FIGURE 6.6: COMPARISON OF AVERAGE MONTHLY RENT TRENDS Pearland Greater Houston
Source: REIS
$1,600
$1,500
$1,484
$1,400
$1,376
$1,337
$1,309
$1,300
$1,233
$1,200
$1,168
$1,100
$1,081
$1,088
$1,069
$1,035
$1,000
$900
$800
2017
2017
2017
2017
2021 (JUNE)
According to the 2021 American Community Survey, approximately 41% of renters were spending 30% or more of their income on housing; 20% of them were spending 50% or more of their income on housing.
PEARLAND COMPREHENSIVE PLAN 2040
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