Photo courtesy of urban.houstonian via Flickr, CC BY 2.0
Houston’s multifamily construction boom is expected to continue through 2014, building upon the momentum of late 2013, according to industry experts. While it’s not yet clear exactly why local customer demand is trending toward “walkable environments,” it’s obvious that tenants are flocking to Houston’s urban areas like the neighborhoods around The Galleria.
Previously, Houston apartment complexes leased about 20 units per month. Early in 2014, they are averaging approximately 20 to 40 per month, according to Ryan Epstein, senior vice president of capital market, multihousing for the CBRE Group’s Houston office.