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Houston Rentals: Inner Loop Properties Are Really Taking Off

GalleriaIf you’ve noticed a lot more multi-family housing construction going on in the Inner Loop lately, you’re eyes haven’t deceived you: a recent Houston Chronicle article (November 21) reported that "[m]ore than 3,500 units in a dozen complexes are under construction primarily inside the 610 Loop and around the Galleria. Nearly 8,700 are proposed, according to Houston-based Apartment Data Services. Most, if not all, are being planned with top-notch finishes and high-dollar rents."

 

Between 8,700-10,000 more units will be developed next year, the article continued.

 

The number of new units is a great improvement over the previous few years, but not nearly as high as the number in 2008, when more than 21,000 multi-family apartments were development, according to the article.

 

Still, the growth in units (from 3,500 this year to about 10,000 next year), is promising.

 

What’s more, the units should have no trouble finding tenants, the article continued, even with high rents of an average of $1,237/month. Why? Houston’s job growth is heating up, with more than 66,000 jobs added in 2011 and 62,000 jobs predicted for 2012.

 

With the oil and gas exploration and production, and construction and manufacturing sectors leading the way in job growth (and providing jobs that pay well), Houston’s higher-priced rentals shouldn’t have any trouble finding tenants, the article states, with occupancy rates for high-end apartments already at 93.4 percent.

 

Houston Rentals in Pedestrian-Friendly Neighborhoods

Apartment dwellers who can afford high rents tend to enjoy – and demand – communities near a city’s center that offer what are known in development circles as "livable urban neighborhoods." Those who are willing to pay higher rents in a downtown area do so because these neighborhoods increasingly tend to have shops, supermarkets, services, bus and/or subway/trolley lines that make it easy to get around and get to or buy the things residents need in their day-to-day lives.

 

And that’s just what a greater portion of the Inner Loop is becoming. 

 

Take the neighborhood of Upper Kirby as an example. This tiny community (it’s only about 16 acres in size) has some great small and large food establishments, such as the Stonemill Bakers (great cinnamon rolls), Ruggles Green (awesome salads) and the Sushi King (wonderful sushi rolls). As for groceries, Whole Foods provides an absolutely terrific supermarket of foods from around the world and U.S.

 

Food, in fact, tends to be a huge draw to these neighborhoods.

 

For example, there are terrific eateries at West Avenue (at the intersection of the Upper Kirby District and River Oaks) such as Alto Pizzeria (designer pizzas), Eddie V’s (seafood, steak and live music), Cru (a contemporary café offering more than 300 wines) and Pondicheri (high-quality, Indian-inspired cuisine).

 

Montrose, one of Houston’s first planned communities (its development began in 1911), has, according to Wikipidia.org, "become increasingly gentrified with a trend towards remodeled and new homes, high rents, upmarket boutiques and restaurants. Neartown [Montrose’s is a part of Neartown, Editor] has become an eclectic niche market for office buildings in Houston, with both new development and redeveloped older buildings dotting Montrose Boulevard."

 

Developers and Tenants Both Love Upscale Apartment Complexes

A March 2011 Houston Chronicle article reported on the growth in upscale inner city developments and how they are helping city and neighborhood planners focus on creating environments that welcome pedestrians.

 

[t]he Upper Kirby Management District–bounded roughly by Westheimer, Shepherd, Bissonnet and Buffalo Speedway – is making improvements that will encourage people to make short trips on foot, Younkin said.


One example is "pedestrian-scale" lighting, which illuminates sidewalks and other areas beyond the street.


"If people can see well, and people can see you, it's much safer to walk at night," he said. "Now, people use cars because it's the most convenient and the safest option."

 

Several apartment and townhome developments are now under construction or planned for the next few months in the Inner Loop, including (but definitely not limited to):

 

  • A 250-unit apartment building at the southwest corner of the intersection of Sheperd and West Alabama.
  • A 474-unit complex on North Braeswood (former site of the Arabia Shrine Temple).
  • A 340-unit development at 4410 Westheimer.
  • A 300-unit tower of luxury apartments near the northwest corner of Westheimer and Sage.
  • The southwest corner of Weslayan and West Alabama will be converted from townhomes into three different rental projects consisting of townhomes, apartments and large residential units.

In fact, so much development is in the works that the president of Apartment Data Services, Bruce McClenny, was quoted in a July Houston Business Journal article as saying "[w]e’re seeing what seems to be a frenzy of development."

 

Apartment Location Services with In the Loop Properties

If you’re looking for an apartment, home or townhome in Houston’s Inner Loop area, come to the experts at In the Loop Properties. We will help you find the apartment or house that suits your needs as well as your budget. Contact us today at 713.521.7368, so we can help you find your dream home quickly and easily! We look forward to hearing from you!