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

Houston Apartment Market Update – October 2013

November 15, 2013 Leave a comment Go to comments

Historical rents October 2013 Historical Occupancy October 2013

  • Key metrics for the Houston area multifamily sector recorded both positive and negative changes in October 2013.
  • Occupancy figures mostly recorded both positive and negative changes for the classes over the month. Class A recorded a decrease of 0.38% to close at 94.48%. The largest monthly increase was noted for Class D properties (0.21%). For Class A properties the average went down by 0.34% over the year. The largest annual increase was noted for Class C properties with an average increase of 2.87% to close at 89.20%.
  • The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported the largest increase over the month with an increase of $0.010 per square foot. Class A also reported the largest annual increase of $0.044 per square foot to close at $1.26 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 A properties with an average increase of $9.04 per square foot. On a year-on-basis the average went up by $41.42 to close at $1,197.70 per unit, which is also the largest yearly increase among all classes.
  • 17,074 units are in the construction pipeline, spread over 66 projects. 20.02% of the pipeline is currently pre-leasing.

Houston apts key metrics Oct 2013

Monthly absorption in Houston was positive 28 units while annual absorption (rolling twelve months) totaled to positive 13,092 units. 10,872 units are in the planning stage.

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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