Home > Uncategorized > Houston Apartment Market Update

Houston Apartment Market Update

September 12, 2010 Leave a comment Go to comments

July was an overall positive month for the Houston area multifamily sector as occupancy continued its upward trend for the sixth month. Class A occupancy increased by 0.33% to 90.21% putting it just below 10% vacancy for the first time since February 2009.

Average rents also increased, with Class A properties leading all classes in increases both on per unit ($5.70, $1,111.30) and per square foot ($0.005, $1.169) basis. Absorption continued to post positive figures both on a monthly and annual basis for the fifth consecutive month.

With nearly 50% of the construction pipeline currently pre-leasing and over 1,200 units poised to deliver during August, expect to see decreasing occupancy along with increasing rental rates mainly among Class A and B properties over the next month.

Houston apartment market occupancy increased 0.13 points in July to 86.67%. Occupancy is down 0.66 points over the last year. Average rents per square foot increased by $0.001 in July, and are up $0.008 over July 2009. Average rent per unit increased $2.08 in July to $761.81, which represents an annual increase of $10.65.

Monthly absorption was positive 1,172 units, while annual absorption (rolling twelve months) totals positive 5,114 units.

To see the full report click link to O’Connor and Associates



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