Houston Apartment Market Update

Key metrics for the Houston area multifamily sector recorded positive changes in the first month of the year. Key metrics for the Houston area multifamily sector recorded positive changes in the first month of the year.

Overall occupancy recorded a slight upward change compared to December. Occupancy in Class A properties went up by 0.26% to close at 93.64%. Occupancy for Class B properties came down marginally by 0.1% to close at 88.06%.

Marginal increases were noted in the rental rates per square foot for all classes. The average for Class A went up by $0.001 to close at $1.189 per square foot. The average for Class B properties also increased by the same margin to close at $0.841 per square foot.

The average rental rate per unit recorded significant changes for all the classes. The average rents per unit increased by close to half-a-dollar for Class A properties to close at $1,129 per unit. The average for Class B went up by $0.72 per unit to close at $690.57 per unit.

9,489 units spread over 42 projects are in the construction pipeline. 14.4% of these (or 1,368 units) are currently pre-leasing.

Houston Apartment Market Key Metrics

Occupancy

88.31%

Rent / Unit

$776.01

Rent / SF

$0.898

Monthly Change

+ 0.05%

Monthly Change

+$0.94

Monthly Change

+$0.002

Annual Change

+1.50%

Annual Change

+$7.31

Annual Change

+$0.010

Monthly absorption in Houston was positive 1,008 units while annual absorption (rolling twelve months) totaled positive 10,743 units. 3,017 units are in the planning stage.


By: Pat C Oconnor

Quality real estate market data provides decision makers the information to make informed decisions. O’Connor & Associates has been providing market data since 1988. Timely, accurate real estate data also provides the information our real estate appraisers, consultants, and property tax consultants need. The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Dallas retail space leasing, Dallas Retail Space Dallas industrial leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Fort Worth apartments, Dallas Retail Lease , Austin apartments, and San Antonio apartments.

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Source: http://www.articledirectoryusa.com/article/category/business/real-estate/houston-apartment-market-update/

Article Tags: Houston Office Space Leasing , Houston Retail Space Leasing , Houston Industrial Space Leasing , Houston Apartment Rental

Submitted On Mar 09, 2012. Viewed 261 times.

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