New Apartment Construction Still Chasing Demand
by: Andrew Schneider, May 17, 2013 4:05:00 am
Houston’s rapid job growth is turning the region into a magnet for workers from all over the country. That’s giving a huge boost to the city’s rental market. Trey Stone is the Houston Apartment Association’s president-elect.
“We are actually the number 1 destination for U-Haul trailers in America right now, which just shows you how many people are moving to our city.”
The influx of new residents has pushed occupancy rates to over 90%, their highest level in five years.
“There is rapid construction underway to meet all of this demand. There are about 15,000 units that are currently under construction, another 15,000 that are currently proposed, and there are others that are actually in lease-up mode as well.”
The average monthly rent on a Houston apartment is just over $800. That varies greatly by location, with rents much higher in more-fashionable neighborhoods inside the Loop.