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

Houston Apartment Market Update – Nov 2013

January 13, 2014 Leave a comment Go to comments

Houston Apt market historical Rents Nov 2013

Houston Apt market historical occ Nov 2013

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

Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded a decrease of 0.19% to close at 94.28%. The largest monthly increase was noted for Class C properties (0.25%). For Class A properties the average went down by 0.53% over the year. The largest annual increase was also noted for Class C properties with an average increase of 2.87% to close at 89.50%.

The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported an unchanged figure from previous month. Class A reported the largest annual increase of $0.042 per square foot to close at $1.26 per square foot.

Average rental rate per unit recorded a significant change for all Classes. The largest monthly increase was noted for Class B properties with an average increase of $1.21 per square foot. On a year-on-basis the average for Class A properties went up by $39.91 to close at $1,198.21 per unit, which is the largest yearly increase among all classes.

Houston Apt Market key metrics

17,459 units are in the construction pipeline, spread over 67 projects. 17.6% of the pipeline is currently pre-leasing.

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

 

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