Landlords and homeowners in Sugar Land are hoping to have enough land for their new homes in the coming year.
As of the end of March, there were 3,200 units for sale, according to data from the Sugar Land Land Development Corporation.
That number is expected to increase as the city continues to add homes to its rental stock.
“We’re seeing a huge surge in new homes that are coming in and we have so many vacancies in our city that we’re seeing an influx of people wanting to buy,” said Jim Jones, owner of a Sugar Land real estate brokerage.
Jones said the market is hot right now and he has seen people moving in and out of the city.
“They’re coming in with the promise of buying a home,” Jones said.
“But the reality is, they are being put in a situation where they are not going to be able to afford the homes they want to buy.”
Jones said his broker is now working to help Sugar Land residents move into their new housing.
He is encouraging them to apply for a rental subsidy to help cover the cost of buying their home.
“A lot of these people who want to move in are not able to pay the rent and they have nowhere to live,” Jones told Business Insider.
“So we’re trying to get these people into the rent-controlled housing that they need.”
According to the National Association of Realtors, the average rental price in the US is $1,400 a month.
If a person can afford that, they can afford to buy a home in the city of Sugar Land.
But many people are struggling to find that amount of money.
The city has launched a $2,500 monthly rental subsidy for residents to help them get the money they need.
That money can be used to purchase a home, rent an apartment, or pay rent on a second home.