The Largest Rental Developments Completed in 2015 in Houston
3 min read
Last year has brought 54 rental developments of 50+ units to the metro, bringing as many as 14,871 new apartments to Houston’s housing inventory.
Houston—The booming energy sector and the plethora of Fortune 500 companies headquartered in and near Houston would be enough to lure new residents to the area by the thousands. The attractive tax incentives ensure that startups and corporations continue to pour in, with notable results: Houston’s metro area has added more than 100,000 residents between 2013 and 2014, and just shy of 160,000 in the subsequent year, according to the US Census Bureau.
Yardi Matrix data shows that 54 new apartment projects of 50 or more units came online last year in the Houston metro, adding a total of 14,871 new units to the inventory, and 28 of these developments are located within the city’s boundaries, which translates into 7,739 new apartments for rent in Houston. New rentals, built since 2010, command a monthly average of $1,777, while the overall average rent for apartments in Houston is currently at $1,035.
Below we take a look at the latest and greatest new apartment projects that hit Space City in 2015:
1. Hanover West University, 425 units
Alongside its 425 residential units, this grand development at 2630 Bissonnet St. also provides plenty of space for cars with no less than 647 parking spaces—eco-conscious tenants even have the possibility to charge their electric vehicles. The project targets singles and young couples with the majority of the units being studios and one-bed apartments. Even so, the 371,133 square-foot size of the development allowed developer Hanover Co. to configure 117 two-bed units for young families.
2. Vue Kingsland, 424 units
Davis Development’s luxurious new project also provides plenty of parking spaces, with additional garages also available for an extra monthly fee of $150. The gated community includes 21 three-story buildings totaling 453,290 square feet, and the focus shifts towards two-and three-bedroom apartments. The community is pet-friendly, and offers a wide range of conveniences and amenities such as controlled access, clubhouse, business center and a swimming pool.
3. The Susanne, 396 units
This eight-story, 389,357-square-foot building by The Finger Cos. is all about luxury finishes. Stainless steel energy efficient appliances, glass-enclosed frameless showers, solid oak hardwood flooring, custom wood cabinetry and natural stone backsplashes enhance the high-end experience, while the common areas offer amenities like a state-of-the art fitness center, a courtyard swimming pool and a conference room.
4. Virage, 383 units
Greystar’s LEED proposed project, much like Vue Kingsland, offers ample parking as well as a number of detached garages for an additional monthly fee. One-bedroom apartments comprise the majority of the unit mix, with two- and three-bedroom units accounting for less than a third of the offer. The courtyard features a resort-style swimming pool with expansive tanning areas, and pet-owners have access to an on-site community pet park. Other amenities include grilling areas, a business center along with an entertainment lounge with Wi-Fi café, serving bar, and TV gallery.
5. Hanover Post Oak, 355 units
Hanover Company, while occupying the top spot on our list with its 425-unit giant on Bissonnet St., has managed to squeeze a second project into last year’s top five. Hanover Post Oak is located at 1750 Sky Lark Lane and offers about 15,000 square feet of resident amenities, including a 24-hour fitness club, resort-style pool with private cabanas and a private screening room. The residential units are situated above seven floors (70,000 square feet) of office and retail space.
For more of 2015’s largest apartment projects in Houston, check out the complete list on the RENTCafé Blog.