HOUSTON—Houston is a transient city, and half the population are renters. Lucky for them, the current economic climate is great for those who don’t own their homes. Houston’s apartment occupancy rate during good times is about 92 percent. But these days, it’s about 85 percent. That means apartment owners are willing to offer deals.
According to the Houston Apartment Association, most complexes have chopped at least $100 or $200 a month off rents, and many are offering other incentives like a few months of free rent.
"There are deals with upfront concessions," said Beth Van Winkle of Houston Apartment Association. "There are deals with reduced rental rates. There are some creative deals...you can get a cruise or you can get a free trip."
High-end complexes are doing what they can to attract renters, too. The brand-new Legacy at Memorial offers a plush gym, a spa that includes a tanning booth and provides facials, manicures, pedicures and laser hair removal. The complex also offers a wine room and humidor to help attract clients. Its entertainment/party room includes a pool table, movie theater and an outdoor courtyard, complete with fireplace.
Their two bedroom, two bath 1,500-square-foot floorplan with marble counters, wood floors and spectacular views would normally rent for $3,200 a month. These days, it’s going for $2,600 a month, and the first few months are free.
