Houston Texas and Today’s Apartment Market
http://www.housebook.ca/articles/6800/1/Houston-Texas-and-Todays-Apartment-Market/Page1.html
Shawn Buryska
Real Estate in Rochester MN can be provided by Realtor Shawn Buryska, who specializes in southern Minnesota MLS database searches, finding Rochester MN homes for sale or rent, or selling your current home or condo. By Shawn Buryska
Published on January 29, 2009
You know the incentives for moving into a Houston apartment have gotten crazy when the renters are now the first ones to bring up the issue; many times, before a potential renter will consider signing a lease, they first ask "What special or incentive do you have"
But hey, that works in your interest, as the new renter, so let's not complain
You know the incentives for moving into a Houston apartment have gotten crazy when the renters are now the first ones to bring up the issue; many times, before a potential renter will consider signing a lease, they first ask "What special or incentive do you have?"
But hey, that works in your interest, as the new renter, so let's not complain! These days, though, the economy has taken a turn for the worse--and even the Houston apartment market has felt it a bit. Whereas renters have, to be honest, become a bit spoiled, expecting amazing incentives, these specials are starting to disappear from the area.
Houston might have more apartments available than any other city in the nation. Part of the reason for this is no city zoning in Houston that negatively impacts the building of apartment buildings. As a result, builders and developers can build anything they want to build, on just about any location. And since the Houston population is growing faster than most other cities, building apartment complexes has become a top priority for develpers in the area. Still, the current recession threatens to put construction of new apartment buildings temporarily -- or permanently -- on hold.
A couple of conditions in Houston are now significantly affecting the availability of apartment specials / incentives in the city. First, rental rates have, within the past couple of years, started appreciating significantly. Still, the rental-rate average in Houston remains fairly cheap when compared to the rest of the United States. New Inter-Loop apartment units start just slightly more than $1,200. Newer units generally start filling their vacant spots almost immediately.
Many of the new apartment complexes are still offering specials. A typical special is one which offers a month or two rent for free. Some will even offer the renter a gift card. In recent months, as newer properties have increased their price points, a whole host of renters have chosen to rent a "B" property or a "C" property, or perhaps take a property which is not located in an area with a high rent-rate.
Consequently, there are not many "B" properties to be found now, since they are a hundred percent full. Moving into one of them now requires that a prospective renter put her or his name on the apartment community's waiting list. These specific properties will likely never offer any meaningful specials, since they're totally full; they don't need to motivate people to move in. Therefore, the potential renter has a couple of choices. He could pay more to try to get into one and get into a luxury apartment, or on the other hand, he could choose to live in a unit which is 20 to 30 years old. A lot of renters have become disgruntled, feeling that these properties are over-priced.
Still, in the midst of all of this craziness, the Houston area is booming with jos and growth--and there are still a few apartments available with great incentives, if you search them out.
But hey, that works in your interest, as the new renter, so let's not complain! These days, though, the economy has taken a turn for the worse--and even the Houston apartment market has felt it a bit. Whereas renters have, to be honest, become a bit spoiled, expecting amazing incentives, these specials are starting to disappear from the area.
Houston might have more apartments available than any other city in the nation. Part of the reason for this is no city zoning in Houston that negatively impacts the building of apartment buildings. As a result, builders and developers can build anything they want to build, on just about any location. And since the Houston population is growing faster than most other cities, building apartment complexes has become a top priority for develpers in the area. Still, the current recession threatens to put construction of new apartment buildings temporarily -- or permanently -- on hold.
A couple of conditions in Houston are now significantly affecting the availability of apartment specials / incentives in the city. First, rental rates have, within the past couple of years, started appreciating significantly. Still, the rental-rate average in Houston remains fairly cheap when compared to the rest of the United States. New Inter-Loop apartment units start just slightly more than $1,200. Newer units generally start filling their vacant spots almost immediately.
Many of the new apartment complexes are still offering specials. A typical special is one which offers a month or two rent for free. Some will even offer the renter a gift card. In recent months, as newer properties have increased their price points, a whole host of renters have chosen to rent a "B" property or a "C" property, or perhaps take a property which is not located in an area with a high rent-rate.
Consequently, there are not many "B" properties to be found now, since they are a hundred percent full. Moving into one of them now requires that a prospective renter put her or his name on the apartment community's waiting list. These specific properties will likely never offer any meaningful specials, since they're totally full; they don't need to motivate people to move in. Therefore, the potential renter has a couple of choices. He could pay more to try to get into one and get into a luxury apartment, or on the other hand, he could choose to live in a unit which is 20 to 30 years old. A lot of renters have become disgruntled, feeling that these properties are over-priced.
Still, in the midst of all of this craziness, the Houston area is booming with jos and growth--and there are still a few apartments available with great incentives, if you search them out.