Oil Prices, the Economy, and the Houston Corporate Housing Market.4.25.17
When you think of Houston what do you think of?
Oil? Tall buildings? Heat? Humidity? The Astros? All of the above?
Well one thing is for sure. Houston does a lot of oil business. It may be big and it may be more diversified that it once was. But it still very much an oil based economy.
When oil activity is down, its ripple effect is felt all the way through the Houston economy. Likewise when it is up.
No industry probably feels that more fully than the Houston corporate housing industry.
In oil boom times the need for short term furnished housing is huge. There are more engineers, more roughnecks, more executives, more investors, more deal makers, more startups, more expansions, and everything else in between. But when it’s down, there is not only the temporary stoppage of all of that, there is in fact an actual reversal of much of that previous expansion. The impact on the Houston corporate housing industry is large, to say the least. Vacancy rates run high. People get laid off. Businesses close their doors.
As a result, during an oil industry pullback, customers can often get phenomenal deals on corporate apartments. These deals won’t last into the next boom, but they can certainly be had up until that moment.
If you’re in the market for a fully furnished apartment and you are looking for a bargain, call us up when oil business is down. You’re likely to get the deal of a lifetime.