Home > Uncategorized > Houston Apartment Market Update – November 2012

Houston Apartment Market Update – November 2012

December 27, 2012 Leave a comment Go to comments

Market Summary

  • Key metrics for the Houston area multifamily sector recorded mostly positive changes in November 2012.
  • Occupancy figures recorded changes for all classes. For Class A properties the average went down by 0.01% over the month, while on a year-over-year basis it increased by 1.30% to close at 94.79%. Class C properties recorded the largest increase over the year; the average went up by 2.64% to close at 86.05%.
  • Significant changes were noted in the average rental rates per square foot for all classes except for Class B and Class D properties. For Class A properties, the average went up by $0.002 over the month to close at $1.223 per square foot. Also, for Class C properties, the average increased by $0.002 to close at $0.743 per square foot. Class A properties recorded the largest annual increase ($0.038 per square foot).
  • Average rental rates per unit recorded significant changes, especially for Class A properties. For Class A, the average went up by $2.03 over the month and by $35.12 over the year to close at $1,160.37 per unit. The average for Class C properties went up by $0.93 over the month to close at $597.65 per unit.
  • 12,730 units are in the construction pipeline, spread over 49 projects. 16.31% of the pipeline is currently pre-leasing.

Houston Apartment Market Key Metrics

Occupancy

90.48%

Rent / Unit

$793.09

Rent / SF

$0.918

Monthly Change

+0.10%

Monthly Change

+$0.60

Monthly Change

+$0.001

Annual Change

+2.07%

Annual Change

+$19.89

Annual Change

+$0.023

Monthly absorption in Houston was positive 977 units while annual absorption (rolling twelve months) totaled positive 13,244 units. 6,287 units are in the planning stage.

O’Connor and Associates / Research and Consulting Group

713 686 9955 http://www.oconnordata.com

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Categories: Uncategorized
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