The Houston Texas real estate market’s inventory does not only consist of luxury townhomes and mid/high rises for sale, but also an abundance of luxury apartments for rent…a little too many.  So many in fact, that the Inner Loop landlords are now offering some attractive amenities you wouldn’t dream of getting a few years ago.

According to the Houston Chronicle, “More than 12,600 units have been added in 49 properties across the city this year, and another 4,000 are being built, according to apartment data services, a Houston-based research firm.”  But even though the apartments are readily available, it does not mean the tenants are.

Since Hurricane Ike and the decrease of jobs (Houston-area employers released 80,800 jobs between July ‘08 and July ’09) citizens are trying to cut costs; they’re living with family members until they get their feet on the ground.  The supply is in abundance, the demand is not high, so rents are decreasing and amenities are increasing.

Now, apartments are not just competing with other apartment communities, high-end condos have also taken some of their properties off the buyer’s market and into the renter’s market.  Therefore, Inner Loop’s Luxury Apartments are feeling the burn and are being aggressive to grab the renter’s attention.  Most luxury apartments are offering free rent for signing 12+ months’ lease, keeping appliances after you move, decrease of community utilities by hundreds of dollars, subsidized MetroRail in the new Med Center/Museum District apartments, free community rooms like a humidor or spray tanning room, and free laptop and mountain bike rentals. 

Why not take advantage of the Renter’s market?  Why not enjoy the luxury amenities and upgraded home appliances, fixtures, and finishes found in high-end homes?  Most renters tend to enjoy living in high-end neighborhoods while they could not afford to buy a property there – much of the rent is less expensive than property taxes in these high-end neighborhoods.  Renters are not always at a financial disadvantage; there are no property taxes, low maintenance, low stress, with updated fitness centers and pools right on the property!  The convenience and expenses saved on gas and car maintenance to live inside the loop, as well as, living close to the best of Houston’s nightlife is incredibly beneficial for those who cannot take the leap of owning.

When you are ready to leave the renter’s scene, or if you are ready to leap into the buyer’s scene now, Don Puryear and his team are here for you!  There are plenty of luxurious midrise condos, high-rise condos, and townhomes available in the inner loop for amazing prices.  Contact us anytime if you are interested in looking at properties in River Oaks, Montrose, the Heights, Rice Military, or Midtown.  We love the Houston Texas real estate market and are excited to show it off!