BY KEVIN VU
Measuring the impact
Some context
Final takeaways
While Houston’s population continues to grow every year, so has the average cost of rent. According to a 2025 Kinder Institute for Urban Research housing study in June, rent in Houston rose 9% from 2022 to 2023, causing the affordability gap to grow. “The number of households struggling to make ends meet is increasing,” the report reads.
Scott Evans, the director of business devel- opment at Hoar Construction, a company that has worked on multifamily projects in the city, said he believes Houston is a desir- able city to build new apartments because, despite rent increasing, the cost of living is still cheaper compared to other major cities. “If you graduate from college with debt and want to go somewhere where you can afford to live and pay down your debt, you move somewhere like Houston,” Evans said.
Evans said he anticipates the multifamily housing market will become steadier in the future with the number of apartment projects that will be planned or under construction. However, he said the market will continue to thrive as the newer generations continue to grow older. “You’ve got the baby boomer generation, you’ve got the millennial generation that’s in their 30s, and now you’ve got the Gen Zers coming up behind them,” Evans said. “You’re going to need these types of living environments.” However, Yuko said he expects a slowdown of new apartment projects as fears of tariffs and issues surrounding foreign affairs begin to concern investors. “There’s a lot of uncertainty and there’s a lot of volatility in the market, it has capital markets apprehensive to fully jump back in,” Yuko said. “Investors don’t like that much uncertainty unless there’s a return.”
Citywide Houston average rent
The Heights and Montrose saw a nearly 50% rise in population growth from 2018 to 2023. At the same time, the average cost of rent increased.
Average rent prices
32% increase from 2018 to 2023
Los Angeles $2,176 New York City $4,040 Austin $1,437
Chicago $1,968 Dallas $1,419 Houston $1,362
2018
2019
2020
2021
2022
2023
*DATA WAS NOT COLLECTED FOR 2020 DUE TO COVID-19.
SOURCE: KINDER INSTITUTE FOR URBAN RESEARCH/COMMUNITY IMPACT
SOURCES: APARTMENTS.COM, KINDER INSTITUTE FOR URBAN RESEARCH/COMMUNITY IMPACT
Up for Renewal? Put Us to the Test. Les McKinley – Your Local State Farm Agent
Serving our neighbors. Supporting our businesses.
At Les McKinley State Farm, we make it easy to compare, save, and feel confident about your coverage. • Auto Insurance – Flexible plans, real savings • Business Coverage – Including fidelity & insurance bonds • Local Expertise – Backed by the strength of State Farm
TAKE THE SURVEY TODAY! Visit RTP2050.com Call 832-821-2050 Email RTP2050@h-gac.com
No pushy sales. Just honest answers and smart protection for what matters most. Les McKinley | (281)-374-2887 2180 North Loop West #230 | Houston
5 STAR REVIEWS
17
HEIGHTS - RIVER OAKS - MONTROSE EDITION
Powered by FlippingBook