What’s the “in demand” rental area of Houston right now?
I would say there are several strangely enough, inside of Houston, properties are moving less quickly than they are north and particularly the Lake Conroe area. Which, is always very active during the summer, has been crazy. This is due, I think, to the reduction of the amount of properties and the people who already have their children going to Montgomery schools.
So, the rentals in Walden, in April Sound, in those places, the average is somewhere around five to seven days that they’re on the market. I guess, our next biggest market would be The Woodlands, and I think one of the reasons for that is because most of our houses here in The Woodlands have quite a bit of land associated with them and a lot of people who either sold their house and can’t find another one or maybe they’re building a house or maybe moving for another job in a year have decided that they can go ahead and afford those and they are really well qualified for them.
So, here in The Woodlands, we’re seeing an average of 10 days on the market and that extends up to our higher rentals we have a couple that are $3000 and up, and they’re on the market a little bit more time usually but not much. The average for those days are 15 days.