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

Houston Multifamily Apartment Market Update – December 2013

February 3, 2014 Leave a comment Go to comments

Houston Apt market historical occ Dec 2013

Houston Apt market historical Rents Dec 2013

Market Summary

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

Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded a decrease of 0.26% to close at 94.01%. The largest monthly increase was noted for Class D properties (0.13%). For Class A properties the average went down by 0.38% over the year. The largest annual increase was noted for Class C properties with an average increase of 2.54% to close at 89.01%.

The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported an increase of $0.003 per square foot which is the largest increase among other classes over previous month. Class A reported also reported the largest annual increase of $0.046 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 A properties with an average increase of $1.67 per square foot. On a year-on-basis the average for Class A properties went up by $41.98 to close at $1,199.88 per unit, which is the largest yearly increase among all classes.

16,724 units are in the construction pipeline, spread over 65 projects. 16.3% of the pipeline is currently pre-leasing.

Houston Apt Market key metrics Dec 2013

Monthly absorption in Houston was negative 49 units while annual absorption (rolling twelve months) totaled to positive 11,474 units. 10,772 units are in the planning stage.

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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