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

Houston Apartment Market Update – October 2014

December 16, 2014 Leave a comment Go to comments

Historical rents Oct 2014

Historical Occupancy Oct 2014

Market Summary

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

Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded a decrease of 0.30% from previous month. The average went down by 1.40% over the year for Class A properties. The largest annual increase was noted for Class C properties with an average increase of 0.31% 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 increase by $0.004 per square foot over previous month. The largest monthly increase was noted for Class D properties reporting an increase of $0.008 per square foot. The largest annual increase was noted for Class B properties, an increase of $0.036 per square foot to close at $0.923 per square foot.

Average rental rate per unit recorded a significant change for all classes. Class A properties reported an increase of $3.11 per square foot over month. On a year-on-year basis the average for Class A properties went up by $32.94 to close at $1,230.64 per unit, which is the largest yearly increase among all classes.

29,052 units are in the construction pipeline, spread over 104 projects. 22.30% of the pipeline is currently pre-leasing.

 

Houston Apartment Market - Key Metrics October 2014

Monthly absorption in Houston was positive 1,647 units, while annual absorption (rolling twelve months) totaled to positive 8,591 units. 12,772 units are in the planning stage.

Reprint from  O’Connor and Associates / Research and Consulting Group

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

 

 

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