A number of new apartments are being built in Houston where occupancy and rents are rising.
“Things are all good right now,” says Stacy Hunt, executive director of Greystar Real Estate Partners. “Rents are going up. Concessions are going down.”
Overall apartment occupancy in Houston was reported to be 88.26 percent in July, up 1.57 percent from a year earlier, according to the O’Connor & Associates.
Houston’s strong run-up in rents will continue for two or three more years, or until the single-family sales recover, said Bruce McClenny, president of Apartment Data Services.
Developers involved in new Houston projects include Dinerstein Cos., Archstone, the Morgan Group, Martin Fein Interests, Hines, Hanover, Sueba, Post Properties and Jonathan Farb.