Home > Market Updates, multifamily, Uncategorized > Houston Apartment Market Update – June 2014

Houston Apartment Market Update – June 2014

June 2014

Historical rents June 2014

 

Historical Occupancy June 2014

Market Summary

Key metrics for the Houston area multifamily sector recorded both positive and negative changes in June 2014.

Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded an increase of 0.13% from previous month. The average went down by 0.90% over the year for Class A properties. The largest annual increase was noted for Class C properties with an average increase of 1.64% to close at 89.49%.

The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported increase by $0.005 per square foot over previous month. Class B and Class C properties reported the largest monthly increase of $0.003 per square foot respectively. The largest annual increase was noted for Class A properties, an increase of $0.044 per square foot to close at $1.28 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 $4.93 per square foot. On a year-on-year basis the average for Class A properties went up by $39.89 to close at $1,216.07 per unit, which is also the largest yearly increase among all classes.

19,424 units are in the construction pipeline, spread over 70 projects. 37.54% of the pipeline is currently pre-leasing.

Historical key metrics June 2014

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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