land of many high rises
3 Houston ZIP codes are among hottest in U.S. for new apartments, report says
Nearly all of Houston has experienced a flurry of apartment construction to accommodate the equally expanding population in the last few years. In fact, three Houston zip codes in the Inner Loop were the hottest markets for new apartment construction between 2018 and 2022, according to a new rental market analysis by RentCafe.
Most impressive for the city, ZIP Code 77007 was the No. 11 hottest market in the U.S., with a 51.8-percent growth rate for apartments. Over 5,000 new apartments were built in the last five years, according to the study. The ZIP code encompasses the area below I-10 from Memorial Park, down Memorial Drive, to where I-10 meets I-45.
Apartment dwellers are surely getting the best views and amenities living so close to the famed Memorial Park, where a state-of-the-art running facility just opened its doors to the public.
Southeast of that area is 77002, which encompasses parts of Midtown, Downtown Houston, the Central Business District, Theater District, and First Ward. The ZIP code ranked No. 24 with a 69.3 percent growth rate from 2018-2022. Nearly 3,700 apartments were constructed within that time frame, according to the study.
Houston locals and newcomers flocking to the area likely moved there for its bustling nightlife, such as the new speakeasy-style cocktail and vinyl bar Off The Record or NYC-based Dominican restaurant and bar Mamajuana Cafe.
ZIP Code 77008 over Lazybrook/Timbergrove, Shady Acres, and Greater Heights earned No. 43 in the study, and had 2,887 new apartments built from 2018-2022. This ZIP Code had the highest growth rate out of all others in the Houston area, at 75.3 percent.
The top 10 zip codes that built the most new apartments from 2018-2022 are:
- No. 1 – 20002 in Washington, D.C. (73.1 percent growth rate)
- No. 2 – 20003 in Washington, D.C. (122.2 percent growth rate)
- No. 3 – 11101 in Queens, New York (73.5 percent growth rate)
- No. 4 – 37203 in Nashville, Tennessee (96.6 percent growth rate)
- No. 5 – 75304 in Frisco, Texas (69.5 percent growth rate)
- No. 6 – 85281 in Tempe, Arizona (38.8 percent growth rate)
- No. 7 – 30309 in Atlanta, Georgia (65.1 percent growth rate)
- No. 8 – 92101 in San Diego, California (46.4 percent growth rate)
- No. 9 – 07302 in Jersey City, New Jersey (41.1 percent growth rate)
- No. 10 – 98052 in Redmond, Washington (51.8 percent growth rate)
The full report can be found on rentcafe.com.