Houston has experienced an explosion of growth over the past five years. As a result, housing costs have skyrocketed and rent has escalated right along with it. Yet the demand continues with no end in site. Some have suggested this is a real estate bubble, while others are more cautiously optimistic, saying the city's traditionally low rent and home costs are now just coming in line with the rest of the country. Whatever the case may be, a lot of new construction for both homes and apartments are is cropping up all over town.
For new multifamily construction, you probably won't be surprised to find that the bulk of it is occurring in downtown, Midtown, the Montrose area, the Washington Corridor and near the Galleria. To illustrate that, Erin Mulvaney of the Houston Chronicle created a Google map of all the new apartment construction around the city.
As you can see from the image, there are a huge number of new dwellings going up throughout areas inside and, in the case of the Galleria, just outside the loop. But, taking a closer look at the map, there are also several groupings of new apartments in areas also hit by the real estate boom like Spring/The Woodlands, the Energy Corridor and along Highway 290 and its ongoing construction.
Still, the greatest concentration is definitely near town where young professionals are flocking to avoid traffic on their drives to work and to take advantage of amenities new modern places are offering.
As we've seen with the controversy over the Ashby High Rise being built along Bissonnett in the affluent Southampton, the rush to build new accommodations to meet the soaring demand hasn't always been well received, even in a city with no zoning and little restriction on construction and tear downs. But much of the new construction has focused on under-served communities, particularly when it comes to higher end developments, and when a vacant lot or a crack house is replaced with new construction of just about any kind, most area residents aren't very quick to complain.
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