Multi-Family Construction Gathers Steam, But Still Lags Population Growth
by: Andrew Schneider, August 21, 2013 3:08:00 pm
Speaking at a luncheon for the North Houston Association, Texas A & M University economist Jim Gaines said that permitting and construction for multi-family homes is going strong — after languishing for several years during and after the recession.
“We’re going to build something like 13,000-14,000 new units in Houston this year. The occupancy rate is very high historically. Rents have gone back up again. Multifamily development is going strong. If you want a comparison, though, Austin is building the exact same number as Houston.”
Houston’s population is roughly three times that of Austin’s.
The demand for apartments and condominiums is being fueled by the large number of new residents pouring into the Houston area from out of state in search of work. Much of that influx is settling to the north of the city, drawn by the construction of ExxonMobil’s new campus near The Woodlands.