By Nancy Sarnoff
Apartment builders are in development overdrive across the Houston area, fueling a construction boom with more than 12,000 units expected to be completed this year. That’s 40 percent more than 2013, a report shows.
But even as supply swells, it is only a small percentage of the local apartment stock and still well below the 2006 peak when 20,000 units opened, according to a second-quarter multi-family report from Marcus & Millichap, a commercial real estate firm. The Downtown/West Inner Loop area will account for the greatest share of this year’s new supply, as demand for inner-city living grows and housing prices continue to soar.