A Diversified Economy Bolsters Houston’s SFR Market in Spite of Energy Sector Setbacks
The Houston economy appears to have endured many of the setbacks caused by low oil prices. An array of industries are contributing to the diversification of the local economy, including the leisure and hospitality, education and healthcare and government sectors. In the year-long period ending in the second quarter, the leisure and hospitality and education and health services sectors added 20,800 and 19,000 jobs respectively. In 2015, 17.5 million people visited Houston, supporting the rapid growth in the leisure and hospitality segments. An additional factor supporting Houston’s strong rental market is the low median age of Houston residents, which is six years lower than the national average. This demographic provides Houston with long-term rental demand. Rents are inching higher despite higher vacancy caused derived from supply-side pressure. The completion of 17,000 new apartment units and an increase in single-family construction are giving residents[…]
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