Home > Market Updates, multifamily, Uncategorized > Houston Apartment Market Update – January 2011

Houston Apartment Market Update – January 2011

February 25, 2011 Leave a comment Go to comments

Most key metrics for the Houston area multifamily sector were positive in January.

Overall occupancy declined over the previous month with all classes except Class D recording a negative change.

Absorption was negative for the month with only Class A and Class D properties recording positive absorption.

Overall rental rates per square foot increase marginally over the month, with no change recorded for any class except for Class A which recorded an increase by $0.001 to close at $1.176 per square foot.

Overall average rental rates per unit posted an increase with Class A properties recording the most significant increase of $1.40 over the previous month’s average for that class.

Just under 35% of the construction pipeline is currently pre-leasing and no significant deliveries are expected in the coming month.

Houston apartment market occupancy decreased 0.12% points over the adjusted figure of the previous month to 86.71% in January.

Occupancy is up 1.36% points over the last year. Average rents per square foot increased by $0.001 over the month, and are up $0.003 over January 2010.

Average rent per unit increased by $1.02 to $768.41, while the average increased by $6.24 over January 2010.

Monthly absorption was negative 294 units, while annual absorption (rolling twelve months) totals positive 12,026 units.

Houston Apartment Market
Key Metrics

Occupancy     86.71%
Monthly Change – 0.12%
Annual Change + 1.36%
Rent / Unit $768.41
Monthly Change + $1.02
Annual Change + $6.24
Rent / SF $0.888
Monthly Change + $0.001
Annual Change + $0.003
Monthly Absorption – 294
Annual Absorption + 12,026
Units U/C 4,164
Units Planned 3,867

 

To subscribe or unsubscribe to this update, please send an email to Scott Sherrill or call
1-800-856-REAL (7325) ext. 4264.

O’Connor & Associates / Research & Consulting Group
Houston: 713-686-9955

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