As we plan for our New Year's Eve celebrations, our thoughts turn to the future. What will 2012 hold for Houston apartments and real estate? We can get a pretty good idea by looking at recent real estate news reports. Houston journalists are making predictions for 2012 jobs, apartments, and real estate. Whether you plan to move to Houston or move within the city in this coming year, it's good to know what to expect.
Houston economy, jobs, and the mortgage crisis
Renting an apartment is a better idea than buying a home for many people in our current economy and housing market. In fact, renting can even help our local economy recover. Still, 2012 will not see a full recovery from the mortgage crisis. According to this report from MSNBC, the mortgage crisis is only about halfway through. We can expect about four more years of foreclosures and problems for home sellers because of the glut of foreclosed homes coming onto the market.
On the bright side, Click2Houston.com reports that the continuing mortgage crisis is helping Houston's unemployed. Hundreds of new jobs have been created, since more people are needed to process all of those foreclosures. In fact, job growth is strong in Houston overall, and especially in the apartment lending industry.
Houston apartments being built, bought, sold, and rented
As for the kinds of Houston apartments that will be available in 2012, and their rent prices, there is good news and bad news—and some that is good or bad, depending on whether you're a renter or a landlord. In January, all of Texas will adopt a statewide building code. The new requirements are aimed at making new buildings more energy efficient, but they will also make them more expensive. This will have the biggest impact on new homes, but new apartment buildings, offices, shopping complexes, and buildings of all kinds will also be affected. It's good news for the environment (if the new rules work), but bad news for renters looking for low prices.
High-end apartments in Houston are getting scarce, which means higher rents and less choice for renters, but plenty of opportunity for investors. The investment real-estate market in Houston is booming, with large groupings of luxury apartment buildings are being bought and sold. New apartment complexes are being built, too, especially in the stylish neighborhoods in the Galleria and inside the Loop. On the other end of the rental spectrum, though, times are tough for renters, and apartments are sitting empty. As the unemployment rate sits at nine percent, even “affordable” apartments are more than some blue-collar workers can afford.
Whatever your price range is, Houston Apartment Insiders can help you find the right apartment for you. Here's wishing you a prosperous 2012, and happy renting!
Posted by Melanie Belasco Levy on 12/29/11
