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But our rent is not at Chicago level if you compare similar neighborhoods.
You're comparing apples with canteloupes. Houston doesn't have a neighborhood that's similar to much of anything in Chicago. Even Rogers Park on the far North Side, along the border with Evanston has more density and urbanity than any place in Houston.
I feel the same way about Dallas or Atlanta or anything else you feel like is similar.
You're comparing apples with canteloupes. Houston doesn't have a neighborhood that's similar to much of anything in Chicago. Even Rogers Park on the far North Side, along the border with Evanston has more density and urbanity than any place in Houston.
I feel the same way about Dallas or Atlanta or anything else you feel like is similar.
Well that's your opinion. There's a reason why the Chicago area has lost 30,000+ people EVERY year via domestic migration for the past two decades, despite it's supposed affordability. No Houston may not have a neighborhood like the densest/most walkable of Chicago's, but it won't have those prices.
At this point it's probably more of a question of how fast rents are rising in comparison to other attractive MSA's. If rents in Greater Houston rise 5% while other metro's have 7% increases, then Houston's affordability is actually enhanced even though rents are still increasing.
I understand that at this time Houston rents are escalating far above the national norm, but in the future this will moderate with new supply hitting the market.
Houston rents since 2015 for Class A apartments have actually been rising more slowly than in other major cities. For Class B/C, it may be a different story. I just saw a news item stating that Houston had the slowest rent increases of any major city in the nation. Bad if you're the landlord, I suppose, but good for trying to deal with housing affordability issues.
That doesn't make Class A rents cheap. You still have to have a high-paying job to afford that kind of rent.
Houston rents since 2015 for Class A apartments have actually been rising more slowly than in other major cities. For Class B/C, it may be a different story. I just saw a news item stating that Houston had the slowest rent increases of any major city in the nation. Bad if you're the landlord, I suppose, but good for trying to deal with housing affordability issues.
That doesn't make Class A rents cheap. You still have to have a high-paying job to afford that kind of rent.
I don't think so...There is a chart of the 25 largest cities in this article and it appears to me Houston has the 2nd highest rate of increase in the time frame involved. Only Tampa had a higher rate of increase.
Mainly uneducated poor/working class people, or conservatives are fleeing Chicago, while young college educated people are moving to the city. Most Chicagoland transplants I met in Houston were either from ghetto areas of Chicago or were conservatives from far suburbs. Similar to many California transplants in Houston. Austin seems to attract the more educated ones.
"According to American Community Survey data compiled by Zotti, the share of Chicagoans over age 25 with bachelor's degrees or higher leapt from 29.3 percent in 2006 to 38.5 percent last year, with the increase particularly strong since 2011. That hike was larger than any of the country's four other most-populous cities—New York, Los Angeles, Houston and Philadelphia—and more than twice the 4.3 percent national increase"
Well that's your opinion. There's a reason why the Chicago area has lost 30,000+ people EVERY year via domestic migration for the past two decades, despite it's supposed affordability. No Houston may not have a neighborhood like the densest/most walkable of Chicago's, but it won't have those prices.
Did you really just post a picture of a parking garage with multiple street-level shops to make your point? Lmao! Bewsflash: Houston is not the only city in America with parking garages that have ground level retail. NYC, SF, Chicago, etc. all do! Now Houston doesn't have the Chicago built form. It was not destroyed by a fire and rebuilt with careful planning, but it is still well on it's way to having a more liveable urban core. It's come a long way since 2000 alone, and even further along this decade. Chicago is definitely one of the better value cities in this country if you're looking for urban living. But there's a reason why there's so much "value" in Chicago...
Why do I see a nighttime photo of Houston's Main St and no garage? In the post you were replying to?
I would hope parking garages had something street-level like eateries and retail. That is a positive. Houston just seems to have to redo or replace.... most things it originally got built with no planning. With downtown Houston. It remove so much of Old Houston .... for no really good reason but the desire to have a fully modern shining core. But it got more just a sterile one. Now again fixing it to add vibrancy and hoping a live-in-the-core high-rise population will have it succeed.
But planning is still short. high-rises build separate parking garages (taking space that could be something else) and ALLOWED to kill the intersection with garages.
Chicago embraced the Podium-style high-rise to skyscrapers. Earlier ones were bland and many lacked street-level attributes. The city got wiser and to gain approval to build newer ones afterwards.... you better give some street-level perks.
I've some awful podium ones in Houston. But done right ..... better designed ones could work great for Houston too. Combining garage and high-rise, with still aspects street-level too. Would work better then separate garages IMO. THE LAST THING HOUSTON NEEDS IS MORE BLAND PARKING GARAGES.
Houston still has some of the largest BANAL parking garages.... one could ever have the disadvantage to set their eyes upon.
What a improvement over the old YMCA here.....
Here the old YMCA that was around the big banal garage. Right before its demolition.
*** Could have been such a nice oasis among the banality. Sad indeed no Preservationist fought to save it? Or they lost the fight.
These -- two buildings get my vote for the -- "Ugliest hotel and most banal new office building". One could be a former old mental hospital. The other may as well be a parking garage. Has nothing added street-level but a grey stone-clad wall.....
Also the GREAT OASIS in look of the Aquarium restaurant and amusement grounds.
Despite Sunbelt cities hyper-growth. A city like Chicago still PLANNED things better. Or developers knew they needed to give more to get approval to build. Even despite its issues and State of Illinois's it is in. Chicago can manage to OUTSHINE these sunbelt low-degree of planning cities. Maybe they just are different Animals and that's OK.
Houston's downtown.... could just have done soooooo much better. At least the area around the Minutemaid is getting better. The stadium itself has great architecture too. Time will tell if much fuller successes in a revamped and energized core. can be realized to match its whole metro's growth.
just far too much in sterile offerings and architecture that tried to be cutting-edge for a modern city into the 21st century. But so far ..... it has failed much more then succeeded. Even the hotels I'm surprised at their exteriors.
I don't think so...There is a chart of the 25 largest cities in this article and it appears to me Houston has the 2nd highest rate of increase in the time frame involved. Only Tampa had a higher rate of increase.
Actually, check out this week's HBJ - here's a quote:
"Bruce McClenny, president of ApartmentData.com, expects to see rent rates increase 3 percent in 2019. In 2018, he predicted flat rent growth. And, the 3 percent rent growth will likely be driven mostly by Class B and C apartments, McClenny said.
The Class A group 'still might be a little flat' in some areas of town, as there are still oversupply issues to work through, he said. McClenny expects to see 90 percent occupancy compared to the 89.6 percent occupancy seen in 2018. He counts 13,000 new units to be delivered this year."
As a professional who must use real estate data, I NEVER rely on data collected by national firms like the one cited by CNBC. Those firms just hoover up data without regard to accuracy or quality and spit out rankings and lists because they know journalists are lazy - that output basically creates articles for them, and gets the data firm publicity it really doesn't deserve. The HBJ article is citing local sources who are collecting much more accurate and nuanced information.
Actually, check out this week's HBJ - here's a quote:
"Bruce McClenny, president of ApartmentData.com, expects to see rent rates increase 3 percent in 2019. In 2018, he predicted flat rent growth. And, the 3 percent rent growth will likely be driven mostly by Class B and C apartments, McClenny said.
The Class A group 'still might be a little flat' in some areas of town, as there are still oversupply issues to work through, he said. McClenny expects to see 90 percent occupancy compared to the 89.6 percent occupancy seen in 2018. He counts 13,000 new units to be delivered this year."
As a professional who must use real estate data, I NEVER rely on data collected by national firms like the one cited by CNBC. Those firms just hoover up data without regard to accuracy or quality and spit out rankings and lists because they know journalists are lazy - that output basically creates articles for them, and gets the data firm publicity it really doesn't deserve. The HBJ article is citing local sources who are collecting much more accurate and nuanced information.
There's nothing in the CNBC article that is not consistent with the article you say your quoting although you didn't post a link , which would have been very easy to do .
BTW the same article more or less was in todays Chronicle.
job growth and millennial preference for renting are expected to help boost Houston’s apartment market this year like those in the Villa Barcelona apartment complex.
Houston’s apartment market is projected to improve this year, fed by a job market that’s poised to grow and millennials who favor renting over home ownership, developers and analysts told about 300 members of the Houston Apartment Association on Tuesday.
Overall apartment occupancy is expected to reach 90 percent this year — up slightly from 2018 — and rents are projected to increase by 3 percent, to an average of $1,054 for an 882-square-foot apartment, according to data presented by Bruce McClenny, president of ApartmentData.com.
One thing we haven't talked about is the effect Harvey has had on the local apartment market which is addressed in the Chronicle article. Obviously evacuees from Harvey are starting to return to the sfh market and this along with more robust construction should help moderate rents. Which is pretty much what I have been saying all along....
There's nothing in the CNBC article that is not consistent with the article you say your quoting although you didn't post a link , which would have been very easy to do .
BTW the same article more or less was in todays Chronicle.
job growth and millennial preference for renting are expected to help boost Houston’s apartment market this year like those in the Villa Barcelona apartment complex.
Houston’s apartment market is projected to improve this year, fed by a job market that’s poised to grow and millennials who favor renting over home ownership, developers and analysts told about 300 members of the Houston Apartment Association on Tuesday.
Overall apartment occupancy is expected to reach 90 percent this year — up slightly from 2018 — and rents are projected to increase by 3 percent, to an average of $1,054 for an 882-square-foot apartment, according to data presented by Bruce McClenny, president of ApartmentData.com.
One thing we haven't talked about is the effect Harvey has had on the local apartment market which is addressed in the Chronicle article. Obviously evacuees from Harvey are starting to return to the sfh market and this along with more robust construction should help moderate rents. Which is pretty much what I have been saying all along....
OK I thought you were trying to make a point that the Class A market was among the fastest-rising in the nation, which is not true. It was rising very fast (by Houston standards) during the 2011-14 boom, but of course that's long gone. Less construction during 2018-19 will help put things back in balance, which will position that product type for better growth assuming high-wage job counts grow as well.
Class B and C rents, however, are still being pushed by job growth in moderate and low-wage positions. Good for investors but not so good for those needing affordable housing, especially in safe neighborhoods. (Of course, lots of posters in this forum think Class B apartments = horrible schools, crime, and all sorts of other horrors.)
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THE LAST THING HOUSTON NEEDS IS MORE BLAND PARKING GARAGES. 
Sad indeed no Preservationist fought to save it? Or they lost the fight. 
One could be a former old mental hospital. 
The other may as well be a parking garage. Has nothing added street-level but a grey stone-clad wall.....
Or developers knew they needed to give more to get approval to build. Even despite its issues and State of Illinois's it is in. Chicago can manage to OUTSHINE these sunbelt low-degree of planning cities. Maybe they just are different Animals and that's OK. 
