One person’s downfall may be another person’s opportunity; at least when it comes to real estate.
Let’s face it: the economy is taking a beating, and the downtown Houston condo market has felt its wrath. Many building owners are now taking to the streets and offering such incentives as free appliances and free parking in exchange for a lease.
Landlords have become increasingly aggressive as of late, likely due to the fact that downtown Houston condos just aren’t flying off the market. And if they can’t get buyers into their properties, they’ll get renters.
As a result, there is an abundance of apartment buildings throughout downtown Houston that are now leasing, as property owners struggle to fill their homes and generate income.
Great deals can be had in even the highest-end properties, where an oversupply is causing more than a bit of a strain on the market.
Houston saw an occupancy rate in its rental properties of just 85.3 as of August, that’s down a percent from a year earlier. Apartment lease prices have also dropped in the last year, from an average of $725 in 2008 to $719 at the end of August.
Many renters are taking full advantage of this market, renting high-end apartments for a fraction of what they would have been rented for just a couple years ago. Many renters are even snagging free rent for signing long-term leases.
For example, the upscale apartment complex of Venue, located in the highly desirable Museum District, is offering a free month’s rent, along with a subsidized rail ridership for the first year.
It is important to note that apartment homes outside of the Loop have not seen large cuts like homes inside the Loop.
As the job market slowed in Houston, with some 80,000 jobs lost between July 2008 and July 2009, city homes were not in high demand, thereby creating a unique opportunity for renters searching for the finest digs for a great deal.
