Houston has seen an extensive increase in new apartment construction not only in the city, but in outlying areas including The Woodlands, Katy, and Kingwood as well. Older apartment communities have been demolished and many new apartment homes have been constructed on vacant land and have replaced them. As vacancy rates have decreased, many older apartment homes have taken advantage and have undergone extensive remodeling. New amenities like granite counters, hardwood flooring, and tile have been added in many of these older apartment homes.
Owners and developers know that apartment homes have a certain shelf life before they must be remodeled in order to compete with newer properties. We have seen apartments that are as little as 10 years old undergo some sort of remodeling. New apartment construction today boasts many high end amenities that were usually reserved for luxury homes and townhouses. The majority of these new apartment homes contain island style kitchens showcasing granite counter-tops and stainless steel appliances. Many of these appliances are considered "green". This basically means they will use fewer non-renewable energy sources including electricity. Today many renters are very concerned about the environment and want to play their role in preserving the environment.
The Fairmont San Felipe near the intersection of Voss and San Felipe is an example of one new apartment home that includes a commercial section as well as residential quarters. An older apartment community once stood on the same grounds but was burned to the ground. Developers took advantage of the situation and constructed a 359 unit state of the art apartment community. A commercial section will cover the entire 1st floor. Amenities in the residential section include an Internet library, lavish pools, a state of the art fitness center, and non-carpeted flooring.
The Woodway Square apartments across the street were constructed in 1992 and will face stiff competition and the community has not been remodeled. If the Fairmont San Felipe can attract more renters in the future Woodway Square may have to think about upgrading their interiors.
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