Real estate experts said apartment complexes have taken advantage of this opportunity and increased rent prices, which is starting to impact the pocketbooks of renters.
Crystal Bledsoe, a multifamily asset manager with the Howard Hughes Corp., the developers behind the Cypress master-planned community Bridgeland, said her firm keeps a constant watch on the market for trends in development and demand.
“We’ve seen a very large increase in regards to multifamily not only in Bridgeland but also in The Woodlands,” Bledsoe said. “It hasn’t really been gradual because of the amount of products there so we saw a huge increase in demand.”
Single-family homes are being purchased as soon as they enter the market, forcing those who cannot make an offer fast enough to look for somewhere to live.