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

Houston Apartment Market Update – September 2011

November 5, 2011 Leave a comment Go to comments
  

Market Summary

Key metrics for the Houston area multifamily sector recorded significant positive changes on a year-on-year basis.

Class A occupancy stood at 93.7% in September which represents a 2% increase compared to the previous year. Class B occupancy increased by 1.1% to close at 88.3%.

The rental rates per square foot went up slightly when compared to August; the average for both Class A ($1.180) and Class B ($0.836) went up by $0.002 each. For the other classes, the average was unchanged.

Class A properties recorded the largest increases in average rental rates per unit. Over the month the average went up by $1.46 to close at $1,121.04; compared to September 2010, the average increased by $6.08.

7,143 units are in the construction pipeline, 21% of which are currently pre-leasing. 21 Class A communities and ten Class B communities are underway.

Monthly absorption in Houston was positive 403 units, while annual absorption (rolling twelve months) totaled positive 9,386 units. 4,488 units are in the planning stage.

O’Connor & Associates — Your Key to Real Estate Success

Houston Apartment Market Key Metrics

 Occupancy

   88.40%

 Monthly Change

+0.06%

 Annual Change

+1.24%

 Rent / Unit

$770.89

 Monthly Change

+$0.95

 Annual Change

+$5.25

 Rent / SF

$0.891

 Monthly Change

+$0.001

 Annual Change

+$0.006

 

 

 

 

Corporate Office:
2200 North Loop W., Suite 200
Houston, TX 77018
1-800-856-7325

www.poconnor.com

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