Richmond’s Explosive Growth Translates to Low Vacancy

The Richmond area has experienced explosive single-family residential growth in the past decade due to the success of master-planned communities such as Grand Mission, Long Meadow Farms, Aliana and Harvest Green. More than 1.2 million square feet of new retail space has been completed in the immediate area to serve that residential growth, with another 500,000 square feet planned for development within the next five years.

And, area multifamily properties were resilient during the past year due to the low supply of new luxury apartments and growing demand. Responding to that demand, Read King’s Waterview will open in the first quarter of 2022. Its offering will include one, two and three-bedroom units.

“Occupancy and collections have been the focus for any real estate developer in 2020 – regardless of asset type,” said Read King co-founder Jeff Read. “When I saw the submarket sits at less than 6 percent vacancy, and with Amazon creating 1,000 new jobs, the decision was clear.”

Given that the average age of an apartment in the Richmond/Rosenberg submarket is more than 30 years old, there’s an unjustifiable void of class-A multifamily with modern amenities available here. And, the area boasts a much higher median income than other parts of Houston, says Wayfinder.