Continued pressure on mortgage lending requirements turns approximately 21% of these new residents to multi-family dwellings. 2012-2014 triggered the most active marketplace for apartment project growth that R. G. Miller has ever experienced; in the past three years, the firm designed approximately 4,000 units to keep up with the market’s demand.
Many other factors favor demand for the multi-family market. Houston’s economic diversification, job growth, higher occupancy and increased rental rates have led to an increased demand for units. Most sites targeted by today’s young professionals are in the core markets inside the 610 Loop of Houston, yet our clients are also active with suburban projects spanning all major thoroughfares.
Due to Houston’s current economic status, many developers outside of Houston are also working with local projects and are interested in finding additional sites. As some demand shifts to infill sites, developers face a number of challenges, including a need for faster permitting and turn-around with the city, feasibility issues with scarce and tight sites, and water detention.
R. G. Miller started as a multi-family designer in 1966 and remains highly active in this business sector. We pride ourselves on responsiveness to solve our client’s site issues, helping them make quicker, smarter decisions.