Apartment rentals are on the rise nationwide

Apartment rentals are on the rise nationwide. Luckily for Houstonians, there are great options for people of all income, and developers are competing to keep up with residential densification— whether it’s in the city or beyond the 610 loop! There will be 214,000 new apartment households in Houston by 2030, according to research conducted by www.weareapartments.org.

The National Apartment Association released data recently from a study it commissioned from Hoyt Advisory services detailing apartment trends and why they are on the rise.
People are waiting a lot longer to buy homes than they used to. In 1960, 44 percent of all American households were married couples with children; that number has reduced to 19 percent, and this pattern is expected to continue.

New high-rise "Kirby Collections" under contruction.

New high-rise “Kirby Collections” under contruction.

Older Americans are renting more. People above age 65 account for a large portion of population growth throughout the nation.

Immigrants make up about half of new population growth, and Houston is home to the diverse group of people in the country. In 2013 the Houston metro area had a population of 6.3 million people, and 1.4 million of those persons were foreign born, according to a study done by the Migration Policy Institute.

“We’re experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead. More than 75 million people between 18 and 34 years old are entering the housing market, primarily as renters,” said Dr. Norm Miller, Principle at Hoyt Advisory Services and Professor of Real Estate at the University of San Diego. “But renting is not just for the younger generations anymore. Increasingly, Baby Boomers and other empty nesters are trading single-family houses for the convenience of rental apartments. In fact, more than half of the net increase in renter households over the past decade came from the 45-plus demographic.”

The increase in rentals is expected to continue through at least 2030, so be sure to check our page for exciting rental opportunities in the city as we update our options regularly! Use the blogs free apartment finding form for a list of all the new construction in Houston!

 

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