pineda Posted October 8, 2004 Share Posted October 8, 2004 CONSTRUCTION DELAYS HOUSTON APARTMENT MARKET RECOVERY HOUSTON (Marcus & Millichap) Link to comment Share on other sites More sharing options...
MidtownCoog Posted October 8, 2004 Share Posted October 8, 2004 The most over used word in the industry: luxury units. Link to comment Share on other sites More sharing options...
volvo99 Posted February 9, 2005 Share Posted February 9, 2005 As an apartment locator, I can attest that the property owners are getting killed right now. Houston in general is looking at low 90's% occupancy, and they are bending their own rules to fill anyone thay can into an apartment. Broken leases, evictions, felonies; they are all getting second looks and the rent specials are literally giveaways. Link to comment Share on other sites More sharing options...
HoustonMidtown Posted February 9, 2005 Share Posted February 9, 2005 I just rented at Alexan Heights and got 2 months free, $250 off first month's rent, and no move-in (app fee, deposit, etc) fees.....they almost acted like car salesmen and won't let you leave before making the sale for fear you are going to another complex.... Link to comment Share on other sites More sharing options...
kjb434 Posted February 9, 2005 Share Posted February 9, 2005 This issue exists in many cities where owning your own house is just so affordable. Also, some developers are leaning towards building apartment buildings that can be easily converted into condos specifically closer into town and near Uptown.Also, it much more cost effective to build a new complex than it is to renovate an old one. Especially of they are 15 to 20 years old. Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted February 9, 2005 Share Posted February 9, 2005 I saw a sign advertising vacancies for a 1/1 unit @ West Creek on Westheimer for just $575/mo. That same complex was renting the same type of unit for $690/mo. a year ago. Link to comment Share on other sites More sharing options...
rps324 Posted February 9, 2005 Share Posted February 9, 2005 I just rented at Alexan Heights and got 2 months free, $250 off first month's rent, and no move-in (app fee, deposit, etc) fees.....they almost acted like car salesmen and won't let you leave before making the sale for fear you are going to another complex....<{POST_SNAPBACK}>I used to be a Marketing & Training Director for apartment management companies. They (used to be me) drilled those poor on-site leasing people to greet people just so, how to demonstrate, how to over come objections, and to not let them out the door without signing up! They constantly get "shopped" by mystery shoppers that pose as apartment prospects. If they don't put forth the good sales effort, they could easily lose their jobs. All the management companies do it, especially in tough times. Link to comment Share on other sites More sharing options...
volvo99 Posted February 12, 2005 Share Posted February 12, 2005 Keep in mind many of those left renting are those that still can't get in on the housing market. Properties are taking in people with broken leases, felonies, etc; people thay otherwise wouldn't talk to a year ago! Link to comment Share on other sites More sharing options...
UrbaNerd Posted February 12, 2005 Share Posted February 12, 2005 How are the apartments in Midtown & stuff doing? Link to comment Share on other sites More sharing options...
volvo99 Posted February 13, 2005 Share Posted February 13, 2005 How are the apartments in Midtown & stuff doing?It varies. High end new properties off Brazos going for $ 850, with older properties a few blocks over for under half that. A huge disparity in a small market area. Link to comment Share on other sites More sharing options...
ssullivan Posted February 13, 2005 Share Posted February 13, 2005 I just rented at Alexan Heights and got 2 months free, $250 off first month's rent, and no move-in (app fee, deposit, etc) fees.....they almost acted like car salesmen and won't let you leave before making the sale for fear you are going to another complex....Wow that is a pretty good deal. They were on my list last summer when I was looking but I never visited the property because I wanted something closer to the rail line, Hermann Park, and the Museum District.I certainly understand the lessening of standards to get units filled that volvo99 mentioned. I saw some of that happening at the complex I was at in Westchase; there was a noticeable decline in the income level and general desireability of the newer residents during the four and a half years I was there.I think there are some properties that are doing very well though. It seems that my current complex near the Medical Center is not having to give overly generous specials to get units filled quickly after they open up. When I signed up here last July I had to act very quickly because they were experiencing pretty low turnover and had several people interested in the one unit in my floorplan that was going to be coming open during the time frame I needed to move. I lucked out and got it -- I could have still gotten a similar floorplan minus the office area and larger living room -- but it was obvious they weren't having to give away months of free rent to get the unit leased. And after living in a nice complex overrun with families with small (and LOUD) children, being in a place full of doctors, nurses, and medical students who are mostly single and childless is wonderful. Link to comment Share on other sites More sharing options...
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