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Rone Residences: Multifamily At 2311 Westheimer Rd.


Dakota79

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On 3/19/2023 at 4:50 PM, hindesky said:

Building is down and just load out and breaking up the concrete parking lot is left.


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Considering this is where this stood on March 19th, 2023, they are moving at a fast clip. Great improvement and I really like the retail space on the first floor. This will be a great place to live with all of the retail around and a Whole Foods a short walk down the street. Plenty of restaurants in the neighborhood.

 

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On 2/2/2024 at 1:28 PM, CREguy13 said:

love the growing density in Upper Kirby.  Great shots @cityliving

According to HBJ developers have overbuilt and rents are coming down in Houston.  I personally am happy about this.  I feel like the new urbanism is mostly for those with means, and lower income people are really not considered - which is ironic because those are the people who would benefit the most from mass transit and walkable areas.

“Median rent in Houston has been on a downward trend since January 2022, when it peaked at $1,866, according to the online apartment marketplace. It is now at the lowest level since May 2021, when the median rent was $1,578.

The downward trend is happening despite continued challenges for first-time homebuyers as mortgage rates and prices remain high and single-family home inventory low.

The reason is that developers are building more new apartment complexes than there is demand for, said Patrick Jankowski, senior vice president of research at the Greater Houston Partnership.

Last year, developers added 22,250 new apartments to the Houston market, but only 15,039 were absorbed, according to MRI ApartmentData.

"We built over 7,000 (units) more than we absorbed," Jankowski said. "And that's going to continue to put pressure on rents because landlords need to get someone in these new units to start generating cash flow, so they'd be more willing to offer a little rent to get them in, and eventually that'll start to affect the existing Class A, not just the new Class A."

The newest Class A apartments are seeing the strongest decline in rent. According to MRI ApartmentData, the median rent at lease-up properties — those open for a year or less — went down by $140 year over year in December, while that figure in stable properties open for more than a year dropped by just $14.”

 

 

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On 2/7/2024 at 9:42 AM, steve1363 said:

According to HBJ developers have overbuilt and rents are coming down in Houston.  I personally am happy about this.  I feel like the new urbanism is mostly for those with means, and lower income people are really not considered - which is ironic because those are the people who would benefit the most from mass transit and walkable areas.

“Median rent in Houston has been on a downward trend since January 2022, when it peaked at $1,866, according to the online apartment marketplace. It is now at the lowest level since May 2021, when the median rent was $1,578.

The downward trend is happening despite continued challenges for first-time homebuyers as mortgage rates and prices remain high and single-family home inventory low.

The reason is that developers are building more new apartment complexes than there is demand for, said Patrick Jankowski, senior vice president of research at the Greater Houston Partnership.

Last year, developers added 22,250 new apartments to the Houston market, but only 15,039 were absorbed, according to MRI ApartmentData.

"We built over 7,000 (units) more than we absorbed," Jankowski said. "And that's going to continue to put pressure on rents because landlords need to get someone in these new units to start generating cash flow, so they'd be more willing to offer a little rent to get them in, and eventually that'll start to affect the existing Class A, not just the new Class A."

Are you suggesting that supply and demand affect housing prices? Blasphemy!

Edited by 004n063
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