Jun 16, 2016
Upscale apartments stealing thunder from housing market
HOUSTON - In recent years, Houston’s luxury apartments have become highly competitive with single-family homes. As home prices in the Bayou City have crept up, so, too, have apartment rents. Houston homebuilders...
HOUSTON - In recent years, Houston’s luxury apartments have become highly competitive with single-family homes. As home prices in the Bayou City have crept up, so, too, have apartment rents.
Houston homebuilders face an additional challenge now: Baby boomers who are giving up their suburban lifestyle in favor of a more urban, carefree and hip lifestyle closer to downtown.
These higher rents have allowed apartment developers to offer features that rival single-family homes.
Many Class A apartments and even some Class B apartments in the Bayou City now offer: open floor plans with large master bedrooms, bathrooms and walk-in closets; dog parks, washes and running areas; and resort-style pools with cabanas
“We’re now facing a competitive challenge,” Jon Cruse, vice president at Meyers Research LLC’s Dallas office, said. “How do we compel people to make that switch from renting to buying?”
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