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    Rental Rumblings

    A look back at Houston's dramatic rent increases in 2018 — and what's ahead

    Sam Radbil, Abodo
    Oct 16, 2018 | 10:35 am
    Best New Development, Mid-Rise Gables Tanglewood
    Don't expect Houston's rent prices to level off.
    Photo courtesy of Houston Apartment Association

    Houston is the country’s fourth largest city, an energy industry center, a port city, and a magnet for recent U.S. arrivals. This city has a ton of economic factors that may impact rent prices year-over-year; so, what have we seen so far in 2018 — and what's in store?

    Apartment rent trends
    Houston apartment rental prices have simply been on a tear since quarter one. The one-bedroom median rent price that began below $1,000 in January has climbed steadily and currently lists at $1,295. The two-bedroom median price that began in January at approximately $1,300 has dramatically risen to $1,580.

    Both one-bedroom and two-bedroom units rose more dramatically in price from January to May. Then the one-bedroom basically leveled off, while the median two-bedroom price kept rising. In October, the median one-bedroom unit increased .78 percent, while the median two-bedroom unit rose an impressive 3.23 percent.

    Outside of Houston
    For those that want the Houston feeling without the higher prices, both Katy and Cypress reported small October rent decreases, but Spring, Shenandoah, Nassau Bay, and Oak Ridge North all showed increases.

    Compared to the rest of the U.S.
    Even with its crown as the fourth largest city in the U.S., a one-bedroom Houston apartment is considerably more affordable than New York City; Washington, D.C., San Francisco, and Los Angeles.

    Looking ahead
    According to the chart trend lines, apartment rents look to continue their increase. Some factors that are contributing to this rise include natural gas prices, oil prices, and interest rates.

    Natural gas prices that were at a low $2 range per mmBtu even in early January 2018 have now risen to $3.15. And, as natural gas prices traditionally rise in the coming winter months, $3.50 natural gas may become a reality. Oil just recently broke out of its $50-$60 trading range and topped near $74. Even though the Permian Basin has huge reserves and oil is being pumped as fast as it can be fracked, prices are still increasing as the solid economy has driven energy prices upward.

    We do not see a short-term end to energy price increases, and this is good for Houston and its economy as the energy sector continues to add jobs. More Houston jobs mean more people are attracted to the city — and they need housing — so this will help drive apartment prices even higher.

    Additionally, higher interest rates mean less affordable housing, and as the Fed continues to tighten, more of the population will be frozen out of the housing market due to mortgage interest rates nearing and crossing the 5 percent mark. This will also fuel apartment rent growth in the fourth quarter.

    With higher energy prices, more demand, and higher interest rates on the horizon, look for Houston apartment rental prices to continue their climb into the fourth quarter of 2018.

    rentreports
    news/real-estate

    Post Oak property redeveloped

    Renovated Galleria development will add 'greatest neighborhood restaurant'

    Eric Sandler
    Jun 4, 2025 | 1:08 pm
    Central Park Post Oak redevelopment rendering
    Courtesy of Midway
    The complex will add two new buildings.

    A Galleria-area office complex has announced a comprehensive series of renovations and upgrades designed to make it one of the area’s premier mixed-use destinations. Renovations are currently underway at the Post Oak Central development, which will now be known as Central Park Post Oak.

    Located at 2000 Post Oak Boulevard between Westheimer and San Felipe, Central Park Post Oak is a 17-acre parcel that consists of three high-rise office buildings with a combined 1.2 million square feet of office separated by an expansive lawn. Houston-based real estate development firm Midway, working with real estate investment firms 3Edgewood and Parkway, plans to replace that lawn with two new retail buildings and a greenspace. The changes are partially inspired by the Post Oak Boulevard redevelopment project that added more than 1,000 trees, wider sidewalks, and dedicated bus lanes to the bustling thoroughfare.

    "Our vision is to create a dynamic, walkable urban destination that honors the Boulevard’s rich history while meeting the evolving needs of Houston's Uptown District. We are crafting a lifestyle for those who work, shop, and dine here," Midway executive vice president Clayton Freels said in a statement.

    One anchor of the new retail component will be the first Houston location of The Henry, a restaurant that will occupy a newly-constructed, 7,000-square-foot, jewel box space. Part of Fox Restaurant Concepts (North Italia, Flower Child), The Henry is described as “the greatest neighborhood restaurant.” It’s open for weekday breakfast, weekend brunch, lunch, and dinner with an eclectic menu that includes sandwiches, salads, sushi, steak, seafood, and more.

    Other changes to the property include the addition of on-street parking, upgrades to the complex’s parking garages, and more new retailers and restaurants that will be announced in the coming months. The project began construction in April with plans to finish by fall 2026.

    In addition, Midway announced that TDECU will occupy 125,000 square feet in Central Park One and BBVA has leased a floor (20,000 square feet) in Central Park Two.

    Central Park Post Oak redevelopment rendering
      

    Courtesy of Midway

    The complex will add two new buildings.

    news-you-can-eatopenings
    news/real-estate

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