Heights - River Oaks - Montrose Edition | July 2024

BY CASSANDRA JENKINS

Looking ahead

The cost

According to The Shelter Companies, a private real estate company focused on multifamily housing, coliving units provide approximately 20%-30% savings in nominal rent compared to traditional multifamily. Rent at Uniti Montrose starts at $1,200 for a private bedroom, which includes all utilities, main- tenance and the daily cleaning of common areas, including living rooms and kitchens. According to MRI ApartmentData, a real estate data software company, the average cost of rent in the Montrose/ Museum/Midtown submarket in May was $1,966. According to the Bureau of Labor Statistics, the average annual median wage for all occupations in the Houston region was $63,510 in May. Experian, a credit reporting company, adivses residents to keep rent within 30% of income, meaning $1,587 per month for the average Houstonian. Bruce Mcclenny, president of MRI Apartment- Data, said he believes the reason coliving has been slow to reach Houston is because of its affordability.

Mark Drumm, managing partner at The Shelter Companies, said despite Houston’s more affordable cost of living, people still need a cost-effective housing option in the city, especially in more expensive submarkets such as the Heights, River Oaks and Montrose.

Comparing rental rates Financial experts recommend spending no more than 30% of one’s income on rent. Uniti Montrose $1,200* Someone earning the median wage in Houston should

He said he anticipates coliving will continue to grow in the region and the state.

aim to spend no more than $1,587 per month on rent.

Average rent in Montrose $1,966

“Coliving will expand across the country,” Drumm said. “There is high demand in urban locations within major metropolitan areas; it will become a larger and larger part of the multifamily rental spectrum over time.” The Shelter Companies and Civitas Capital Group is anticipated to open another coliving project in the Bishop Arts District in Dallas later this year.

SOURCES: APARTMENTDATA.COM, UNITI MONTROSE, KINDER INSTITUTE OF URBAN RESEARCH/COMMUNITY IMPACT *NOTE: PRIVATE BEDROOM STARTING PRICE, RENTS VARY BASED ON UNIT SIZE

“Some of the elements that cause people to gravi- tate toward [coliving] is cost,” he said. “Houston, for a big city, is incredibly affordable.” According to the 2023 C2ER Cost of Living Index, Houston is 28% below the average cost of living among the most populous U.S. metros.

PRIMARY CARE QUALITY CARE FOR EVERY STAGE OF LIFE

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HEIGHTS - RIVER OAKS - MONTROSE EDITION

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