Apartment surplus good news for renters

Jason Miles , KHOU 5:13 PM. EST September 09, 2016

HOUSTON - What’s bad for landlords may be a boon for Houston renters.

We have new numbers on how an apartment glut is impacting availability.

“There’s a greater availability than there is a demand,” said Realtor Andrew Weiland with ULR Properties. Weiland is in the business of locating living spaces.

“They had to project it would take a couple of years to complete these projects,” said Weiland.  “And within that time frame, things just kind of went downhill,” he added.

A map made using data from apartment search website RentCafe shows the more than 16,000 new units that were expected to open in the city of Houston alone in 2016.

But as apartments rose, the Greater Houston Partnership and others report  job growth slowed. That was due, in large part, to the oil industry slump. So, it left with a lot of new apartments sitting empty.

“So, a lot of apartment communities are offering specials,” said Weiland.  “8 weeks free, I’ve seen up to 12 months free,” he added.

One complex is currently giving new residents 4 to 6 weeks free rent with a 12 month lease.

Weiland said it’s something they’d rather not do.

“Oh, absolutely, I mean who wants to give away free merchandise?” he said.

One thing renters should keep in mind is that prices may normalize once incentives run out.