Home > Market Updates, multifamily, Uncategorized > Houston Apartment Market Update – September 2013

Houston Apartment Market Update – September 2013

October 25, 2013 Leave a comment Go to comments

Houston Apartment Market Historical Occupancy Sept 2013 Houston Apartment Market Historical rents Sept 2013

Market Summary

Key metrics for the Houston area multifamily sector recorded both positive and negative changes in September 2013.

  • Occupancy figures mostly recorded negative changes for the classes over the month. Class A recorded a decrease of 0.21% to close at 94.88%. The largest monthly increase was noted for Class C properties (0.41%). For Class A properties the average went down by 0.15% over the year. The largest annual increase was also noted for Class C properties with an average increase of 3.05% to close at 88.94%.
  • The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class D reported the largest increase over the month with an increase of $0.005 per square foot. Class A reported the largest annual increase of $0.039 per square foot to close at $1.25 per square foot among other Class properties.
  • Average rental rate per unit recorded a significant change for all Classes. The largest monthly increase was noted for Class D properties with an average of $3.37 per square foot. On a year-on-basis the average went up by $13.79 to close at $576.25 per unit. Class A properties reported an increase of $2.94 per square foot over the month and $36.97 per square foot over the year.
  • 16,411 units are in the construction pipeline, spread over 63 projects. 28.3% of the pipeline is currently pre-leasing.

Houston Apartment Market - Key Metrics Sept 2013

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Please send an email to Scott Sherrill

at ssherrill@poconnor.com or call 1-800-856-REAL (ext. 4239).

O’Connor & Associates / Research & Consulting Group

Houston: 713-686-9955 http://www.poconnor.com / http://www.oconnordata.com

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