I'm an apartment locator and I'm finding that the college students are competing for availability of the inner loop apartments. Parents are willing to shell out the bucks to put them there versus living at home and paying the gas prices to commute. My concern will be the broken leases from not being able to maintain their lifestyle that the parents started. Many that are new to town are intrigued with the rail system versus buses and want to be in apartments along the rail line.
The suburb housing market is noticing a change, in some areas, due to the influctuation of evacuees that have taken over the older, lower renting apartment units. I've seen a rise of older couples selling their home and requesting a loft in the city. Some don't want to drive on the highways anymore.
There are over 900 units in three complexes being built in the Woodlands area. The demand has already exceeded the supply. To address your concern; it will be further into the future before the in-town market is in trouble. Someday they may be the "older buildings" with the lowest rents and empty spaces.