Downstairs at the Esperson Building; The Neighborhood with the Most Expensive Apartments in Houston


Photo of construction at the 610/US-290 interchange: TxDOT via Twitter


3 Comment

  • Not a surprise re: rents in Montrose. Even old ~400 SF studios are ~$800+

  • Great! Now the high prices will drive out the rundown apartments and 4-plexes! Maybe with upscale townhomes and higher tax values, the city will fix the streets….

  • Part of what is driving the rents in Montrose is the sheer quantity of new supply, overshadowing older inventory; and another factor is that the big new apartment complexes are so heavily weighted now to studios and one-bedroom units, with a historically small proportion of two-bedroom units and usually none larger than that. Smaller units always command higher rents per square foot than an otherwise-identical larger unit, so as the apartment inventory shifts to small units, the rents go up. It’d be a lot more meaningful if they’d quote same-store rent growth in the same manner as the retail industry does for revenue growth.

    @MarkH: The fourplexes, for the most part, aren’t going anywhere. Fourplexes sit on too little land for development at a large scale, and 2- to 4-unit properties are the only kind of investment scheme where someone can obtain a residential mortgage, and then receive homestead protections, in order to purchase income-producing commercial property. They’re fantastic. I wish there were more fourplexes around town and elsewhere in the metro area.