Single family homes are really common in Houston and were preferred by the majority of its residents. 2013 saw a shift in trends and 2014 will continue to see the same. Single family homes have not exactly become out-of-date; it is just that the popularity of multi-family housing is growing more. However, multifamily homes are not the only thing that is wanted. The residents also want an urbanized setting.
Whether you consider rental real estate or you want to become a home owner, the above still holds true. Rents are now rising and so are home prices; experts predict that now the focus will be more on urban areas. Houston is a place where people are relocating in large numbers, and this has once again paved way for more construction. Though a lot of these are interested in becoming homeowners, more people prefer rental options, particularly the younger generations. All these relocated people have secure jobs and they do not mind spending more if it provides them with the luxuries that they desire.
According to a real estate industry expert, there are so many individuals that have taken up renting. However, it is just not any standard property that they are willing to rent. All these people want an upscale housing sector, especially those that have started out young in their careers.
Among the housing units that have been constructed in the year 2013, most of the focus is on a well-planned community that features a modern design and all amenities. A few industry experts are not sure if this is because of the demand or the developer’s interest, but the trend can easily be noted; it is just the reason that is not certain.
As already mentioned, the tenants are not worried about the high rents as long as there are more luxuries for them to enjoy. Currently the rates on Class A units are $1.57 per square foot on a monthly basis and for Class B units, the rates are $1.05. Compared with previous years, this is a definite rise. Class A units are completely new buildings whereas as Class B units are those that are around 10 years old.
Considering the demand, all class B buildings are probably going to be demolished and new condos will be developed in their place.
Source: www.bizjournals.com
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