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

Houston Apartment Market Update – July 2011

September 8, 2011 Leave a comment Go to comments
  

Market Summary

  • Key metrics for the Houston area multifamily sector were mostly positive and also essentially unchanged compared to June.
  • Overall occupancy remained just over 88% for the second month running, although the figure represented a slight decrease compared to June. All classes except Class A recorded marginal declines over the previous month. Class A occupancy stood at 93.6%, which represents a steady increase over the last twelve months.
  • The average rental rate per square foot did not record any change compared to the June figure. Only Class B and Class C properties showed an increase of $0.001 per square foot, each.
  • Net absorption was negative in all classes except Class A which recorded positive absorption of 96 units.
  • 6,234 units, spread over 33 projects are currently under construction. Of these 2,185 units are pre-leasing, which represents 33.5% of the total units under construction.

Monthly absorption in Houston was negative 100 units, while annual absorption (rolling twelve months) totaled positive 10,236 units. 2,544 units are in the planning stage

 

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

 

Houston Apartment Market Key Metrics

 Occupancy

   88.26%

 Monthly Change

– 0.06%

 Annual Change

+ 1.57%

 Rent / Unit

$769.08

 Monthly Change

+ $0.49

 Annual Change

+ $4.71

 Rent / SF

$0.889

 Monthly Change

 Annual Change

+ $0.004

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