Despite what could be considered to as obstacles in its way, the Houston real estate market is holding strong, especially in the multi-family and commercial real estate facets. With dropping oil prices and lagging job growth, many had predicted a tank in real estate across the board, but perhaps especially in Houston’s seemingly constant commercial and multi-family construction.
While the housing market in Houston is doing well, more than ever Houston locals are choosing to rent over buying a home. This is great news for the many multi-family units in the metro area. Rent prices are rising as quickly as the new apartment buildings to meet the demand of a wide array of renters. While young professionals are choosing to rent to put off purchasing their first home, older couples looking for convenience are selling their homes to move into rentals.
And what are renters, both young and old, seeking during their apartment search? Prime location to entertainment, shopping and restaurants. As the number of apartment dwellers are increasing, so are the number of business owners who want to get as close to their customers as possible. Retail developments are seeing record occupancy and one of the most successful mixed-use shopping centers in the Houston area, Highland Village Shopping Center, is the example that many other centers strive to be follow. Under the direction of Houston philanthropist Haidar Barbouti since 1990, Highland Village Shopping Center has been mastering the art of seamlessly mingling shopping, restaurants and community together. In being intentional about his tenants, Barbouti has created a destination for people to come to, not just to shop, but to socialize at some of Houston’s most exclusive restaurants according to BizJournals.
Because of this luxurious lifestyle that has been created, multi-use centers like Highland Village have the opportunity to help keep the multi-family apartment homes in their vicinity flourishing along with them. Even with what is predicted to be a slowdown growth through the Houston area in the upcoming years, there is not a doubt that there will not be a slowdown in the amount of people seeking this lifestyle.