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Houston apartment demand increases with economyHouston apartment demand increases with economyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=74352013-05-15T10:19:00Z2013-05-09T00:00:00Z

HOUSTON - Houston's booming economy is boosting demand for apartments, pushing up rents and encouraging new construction across the city. Developers are building 60 new complexes across the city. Nearly as many are proposed.

While Houston still has plenty of affordable, garden-style apartment complexes, some of the new projects are pushing height and price limits.

In 2012, PM Realty Group started construction on 2929 Weslayan, a 40-story residential tower near River Oaks. The project is expected to be the tallest apartment tower in Houston, and a 1,500-sf unit could rent for $4,000.

The average apartment rents for $811 per month, up 5.2 percent over a year ago, according to Apartment Data Services. The average monthly rent for a high-end unit is up 7.6 percent to $1,428. Occupancy across all units is close to 90 percent.

Read more at the Houston Chronicle.

Houston Chronicle
Houston-The Woodlands-Sugar Land
Multifamily
http://www.chron.com/discoverhouston/article/apartment-demand-increases-with-economy-4486887.phpRead more at {Source}

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