A slowdown of population growth and a boom in luxury apartments have turned Houston into a renter’s market.
The Houston Chronicle reports that the city’s apartment market was overbuilt. From 2010 to 2014, the region created 95,000 jobs per year, and more apartments were built to meet the need. Now, even as 21,000 apartment units are being delivered this year and 4,000 next year, the total occupancy stands at 90.1 percent, and is expected to drop.
Houston’s higher-end Class A apartments have a 79.5 percent occupancy rate, and apartments open 13 months or less only have an occupancy rate of 23.2 percent. Landlords are using perks like free rent, Apple watches, and flat-screen televisions to lure renters.