Skip to main content

Houston Among Top Markets for New Apartments in '22

Published Jan 14, 2022 by A.J. Mistretta

H_GHP_Downtown_Skyline_Construction_2019

Houston developers are set to add more than 17,000 apartment units to metro Houston's supply this year, one of the largest increases in the nation, according to a new report. 

The report from multifamily analytics firm RealPage shows Houston is set to deliver an estimated 17,053 units before the end of this year, a 2.4% increase in inventory. The increase puts Houston at No. 7 among the nation’s 50 largest apartment markets in terms of total units slated for delivery. 

Though multifamily complexes are rising across the metro region, much of the activity is concentrated within the urban core in markets such as Downtown, Montrose and Uptown. One example is a mixed-use building boom taking place along Allen Parkway between Downtown and Shepherd Drive. 

Other Texas metros are among the top 10 markets for total new apartments, with Dallas set to add roughly 17,166 units and Austin expected to bring another 18,375 units online this year. 

Nationwide, RealPage says most of the growth is happening in the south and west regions of the U.S., the same areas that have seen continuous growth since the end of the Great Recession. Other high growth markets include Phoenix, Los Angeles and Atlanta. 

Metro Houston’s population has grown by more than 1 million residents over the last decade to 7.1 million people. The region gained 91,078 new residents between July 1, 2019 and July 1, 2020, the third largest numeric increase in population among U.S. metros. Job growth is likely to aid continued population increases. The region is expected to gain more than 75,000 new jobs this year, according to the Partnership's employment forecast

Learn more about population growth and other trends in Houston Facts and get additional details on the multifamily market in the June 2021 edition of Economy at a Glance
 

Related News

Real Estate

Major Redevelopment Projects Transforming Houston into Pedestrian-Friendly Urban Hub

11/26/24
Houston is undergoing a transformative wave of redevelopment, driven by the efforts of local organizations and developers to enhance the city’s quality of life and urban landscape.   A Downtown Transformation  Click to expand GreenStreet, the four-block mixed-use district in downtown managed by Texas-based real estate firm Rebees, is slated for a multimillion-dollar makeover. Already home to popular destinations such as House of Blues and The Laura Hotel, this renovation project will further enhance its appeal, positioning it as a premier destination for residents and visitors.  Planned updates include converting the former Forever 21 building into a vibrant, pedestrian-friendly alleyway filled with dining, retail and nightlife attractions. Additional enhancements feature the installation of rooftop solar panels, improved landscaping with lush gardens and upgraded office spaces with multi-level amenities. Phase one of construction is expected to commence in Q1 2025 and be completed by Q3.  “The readaptation of GreenStreet will create a new model for urban space in Downtown Houston,” said Mark Motonaga, Creative Director and Partner, RIOS, the design firm leading the project, in a statement. “Our vision draws inspiration from Houston’s diverse culture and seamlessly blends nature, sustainability, and architecture to create a new urban streetscape experience that unfolds across three distinct blocks and builds toward a central hub of activity connecting people at the ground level.”  Breathing New Life into Baytown  Click to expand In Baytown, Fidelis Realty Partners recently broke ground on the redevelopment of the former San Jacinto Mall, which closed its doors in 2022. The 105-acre project, dubbed San Jacinto Marketplace, will include 500,000 square feet of retail and dining space, complemented by a public green space known as Pelican Green, designed for community gatherings and events. Pedestrian walkways will also be constructed to connect key areas throughout the marketplace, enhancing accessibility and walkability.  According to the Houston Business Journal, phase one of the project is expected to be completed by 2026, while phase two, which includes the development of multifamily, hotel and office space, is still in the planning stages.  Walkable District in Westchase  Click to expand Meanwhile, Johnson Development has unveiled plans to transform the former Halliburton campus in the Westchase District into Park Eight Place, a walkable, 70-acre mixed-use destination. The $1 billion project will feature a mix of residential, retail, hotel and office space with access to nature and recreational amenities in the adjacent 200-acre Arthur Storey Park.   Park Eight Place is set to become Houston’s first developer-initiated Walkable Place, a designation granted by the Houston City Council to promote pedestrian-friendly urban development. This designation allowed Johnson Development to secure additional land for the project. Construction on roads and utilities is scheduled to begin next year.  “This is a prime location that is just about 15 minutes from anywhere you want to go in Houston,” said Charles Lusk, General Manager of Park Eight Place, in a statement. “But within Park Eight Place, you will find everything you need and all within a five- to eight-minute walk from your door. Park Eight Place will emerge as a vibrant urban village where health, connection, sustainability and convenience converge.”  Learn more about living in Houston. 
Read More
Real Estate

Historic Heights Building to be Transformed into Mixed-Use Development

5/1/24
The former Swift and Co. building, located in Houston’s bustling Heights neighborhood, is set to be transformed into a 4.47-acre mixed-use development.  Expected to begin construction later this year, the development, dubbed the Swift Building, will encompass over 60,000 square feet dedicated to retail, office and restaurant space, all overlooking the popular Heights Hike-and-Bike Trail nearby. According to the Houston Chronicle, Random Capital and Triten Real Estate, the developers behind the initiative, will also enhance pedestrian accessibility to the building by revitalizing the surrounding green space and introducing new entry pathways.   Click to expand Originally established in 1917 as a cottonseed oil refinery, the century-old building later transitioned into one of the region's largest meatpacking facilities during the 1950s, courtesy of Swift and Co. In a bid to safeguard its rich history, the developers are pursuing a historic designation for the building. Anticipated for completion in 2025, the development aims to welcome restaurants within the same year.  This isn't the first revitalization project for this development duo. They previously spearheaded the M-K-T development in the Heights, where they transformed five historic industrial buildings into a vibrant 4-acre mixed-use complex that now boasts 30 restaurant and merchant vendors.  “Swift is a natural extension of our shared vision for M-K-T. Rather than tear down an important symbol of Houston’s — and the Heights' — past, we instead want to embrace its character and repurpose it into a truly unique community amenity and experience,” Scott Arnoldy, founder of Triten Real Estate Partners told the Houston Chronicle.  Click to expand Meanwhile, the developers are concurrently advancing their efforts to revitalize aging structures throughout Houston independently. Random Capital recently unveiled plans to renovate the Tower Theater building, formerly housing Acme Oyster House, along with several neighboring buildings in Montrose, into a pedestrian-friendly retail center. Dubbed 1111 Westheimer, the project will span 35,000 square feet and is slated to commence construction this summer, targeting completion by 2025.  Click to expand Additionally, Triten Real Estate is progressing with its latest project, The Mill, a mixed-use development situated in Houston's East End. The project aims to convert a former industrial lumber mill site into a vibrant mixed-use complex. The initial phase includes 341 multifamily units and over 6,000 square feet of retail space. Subsequent phases will introduce a seven-story parking garage spanning 145,368 square feet.  Discover more about living in Houston. 
Read More

Related Events

Executive Partners