Houston, which is the 4th largest city in the country, provides a wide array of housing for renters. This means there’s a neighborhood and property type for everybody.
The rate of growth over the last couple of years reveals the changes in the rental landscape. These changes imply more options but also more decisions for you to make.
If you wish to relocate to Houston as a renter, check out these important trends.
In Houston, the demand for apartments has continuously driven the construction of multi-family apartments throughout the region. According to industry watchers, offering urban housing choices for workers new to the region with an emphasis on millennials will help maintain the construction boom in the region.
New multi-family complexes and construction sites appear to be on the rise for various reasons including changed attitudes towards homeownership. Some Houstonians are reconsidering homeownership following the economic recession and the collapse of the housing market.
Multi-family complexes have also increased owing to the delay in homeownership by millennials. Furthermore, Houston is drawing new residents who are used to apartment-style living.
Over the years, single-family homes have seen a growing demand for various reasons. A growing number of people are opting to rent these homes owing to affordability. This is because numerous households can’t afford to buy a home because of bad credit, high debt levels, and soaring home prices.
A major benefit of these types of homes is privacy. These homes also offer numerous options that are unavailable to those residing in apartments. For instance, most single-family homes provide outdoor space and individual yards. These homes are also larger compared to apartments.
Increase in Renting Popularity
Houston is witnessing an increase in rental homes; many people are renters by choice. These are people in their 20s and 30s who also want to reside in an urban environment. Furthermore, tenants are willing to pay a premium for luxury space along with desirable locations.
Rental homes are gaining popularity especially among families who wish to have their own space with the flexibility to relocate. According to industry watchers, the rental market is experiencing a fast growth rate compared to the sales market.
People are renting for extended periods partly due to the difficulty in obtaining mortgages and partly due to the housing market turmoil. Another factor that has contributed to the growth in rentals is the booming economy and explosive employment growth in recent years.
Houston has also gained recognition for being tenant-friendly. Since buying can be costly, renting has become the natural and viable option for numerous people. Other reasons why people have opted to rent include lower monthly and upfront expenses.
The region is currently witnessing higher rents for various housing options. The shortage of apartments and the improving economy are some of the factors that contribute towards higher rental rates. Tenants are experiencing steep increases, as the demand for apartments shows no indication of slowing.
Although new development is underway, the area has seen few additional units in recent years. Furthermore, numerous people are relocating to the area for employment. Many are also finding difficulty in qualifying for a mortgage, giving landlords an advantage.
For more information on Houston’s renting trends, contact us at Apartment Agents or leave a comment.
Image: Renting trends