a league apart

Houston tops the charts for 3rd most new apartments built in U.S. since 2020

Luxe apartments like the Novel River Oaks are big draws for renters.

Shiny new apartment complexes are popping up everywhere around the country, but no more than two cities can claim quite as many as Houston.

The Houston metro area, in fact, has had the third most new apartments constructed since the beginning of the "pandemic building boom" in 2020 in the U.S., according to a new study by apartment rental marketplace RentCafe.

Third highest construction rate from 2020 to 2022
The construction analysis revealed 53,741 new apartment units opened in Houston between 2020 and 2022. Houston's numbers far outshine one of the biggest renter metros in the state – Austin (No. 4) – by nearly 8,700 units.

"The metro is also home to several major companies such as ExxonMobil and Chevron — both of which expanded their presence in the area during those three years — that attract a large number of workers, further supporting demand for rental apartments," the report's author said.

Broken down by city, Houston constructed 28,423 new apartment units between 2020 and 2022, while Katy built the second highest number of new apartments: 4,859. Spring built 3,878 new units within the same time frame, and Richmond made up 2,324 new apartment units.

The only two cities to outrank Houston are New York (No. 2) and Dallas (No. 3), which developed a whopping 66,070 and 76,660 new apartment units, respectively, within the same time period. Austin and Miami round out the top five with 45,051 and 42,960 new units built between 2020 and 2022.

The remaining top 10 metros that completed the most new apartments between 2020 and 2022 are:

No. 6 – Washington, D.C. (42,723 units)
No. 7 – Los Angeles (39,842 units)
No. 8 – Atlanta (39,467 units)
No. 9 – Seattle (36,952 units)
No. 10 – Twin Cities, Minnesota (31,662 units)

New apartments to meet rising demand in 2023
Houston may have topped the charts for new apartments built during the pandemic, but it slipped out of the top five in the analysis of projected completed units in 2023. The study found that developers are set to build 13,637 new rental units by the end of December, which is 19,364 fewer than New York, which claimed the No. 1 spot in 2023.

The report commented that Houston's "slower" apartment growth earned it No. 8 in the ranking of the overall top 20 U.S. metros for construction in 2023. But the city's focus is not necessarily on building apartments.

"[The Houston] metro (along with Dallas, Austin and San Antonio) is keen on building single-family rentals to meet the needs of those who are not yet ready to become homeowners," the report said.

The top 10 metros predicted to build the most new apartments in 2023 are:

No. 1 – New York City (33,001 units)
No. 2 – Dallas (23,659 units)
No. 3 – Austin (23,434 units)
No. 4 – Miami (20,904 units)
No. 5 – Atlanta (18,408 units)
No. 6 – Phoenix (14,629 units)
No. 7 – Los Angeles (14,087 units)
No. 8 – Houston (13,637 units)
No. 9 – Washington, D.C. (13,189 units)
No. 10 – Denver (12,581 units)

The full report can be found on rentcafe.com.

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cashing in

Millionaire sports bettor’s massive Katy compound listed for $11.2 million

Photo by APEX Media

4233 Two Gun Way is a 12-acre estate in Katy, on the market for $11.2 million.

Step inside the house that betting built. 4233 Two Gun Way in Katy, the 12-acre compound owned by Michael Cohen, is on the market for $11.2 million. It’s represented by Nicholas Moncada of Douglas Elliman.

Cohen is an avid sports bettor and a five-time $1 million winner on DraftKings. He purchased the spread, which is made up of three four-acre parcels, with his winnings. Cohen renamed both the private street and estate “Two Gun Way” after his betting handle. He also commissioned custom branding for the place, which means that buyers will find a modern Texas ranch with its own visual identity.

The French-style estate offers exceptional luxury living with room to create the ultimate family compound. Designed by Houston-based Frankel Design Build, the main home sprawls across 14,741 square feet and is intentionally divided into two distinct experiences. One whole wing was inspired by the arcade energy of Dave & Buster’s, created specifically for entertainment and social gathering. It’s anchored by a two-lane Brunswick bowling alley, theater with concession stand, game lounge, bar, and indoor-outdoor entertaining spaces.

The opposite wing has a hidden passage off the study, and opens into a soaring two-story library designed to feel timeless, immersive, and transportive.

An open-concept floor plan gives the home everyday comfort, with ample space for grand-scale entertaining. The living and dining rooms offer sweeping views of the grounds. Home cooks will delight in the chef’s kitchen with Wolf appliances and custom Benedettini cabinetry. Two bedrooms and two full baths are downstairs, along with two powder rooms. Upstairs, find three to four additional bedrooms with four full baths.

Substantial attic space offers the potential to add additional rooms.

Additional highlights include a separate catering kitchen, elevator-ready design, three staircases, three fireplaces, a six-car garage, a whole-home generator, an outdoor kitchen with a serving window from the interior bar, and a detached casita. A pond and barn complete the compound.

A 4,124-square-foot residence with its own three-car garage is on the second parcel of land, providing a space for in-laws, guests, or an estate caretaker. Approximately four of the estate’s 12 acres are cleared, and the next owners will find land large enough for everything from a private sports field or additional structures to other amenities limited only by their imagination.

With its Katy location, 20 minutes from the future Houston Texans Toro District and global headquarters development in Bridgeland, this is an estate that reflects the growing demand for highly private, amenity-rich compounds catering to athletes, entertainers, executives, and multigenerational families seeking space without sacrificing proximity to Houston.

Photo by APEX Media

4233 Two Gun Way is a 12-acre estate in Katy, on the market for $11.2 million.

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