December 2008

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The Houston market recorded a decrease in occupancy in December, the third monthly decrease since September 2008; occupancy in Houston continues to lag the major Texas markets.  Houston rental rates increased $0.09 in December, but remain towards the lower end when compared to the other major markets in Texas.  December absorption in Houston was -1,087 units, the weakest of all markets.

Houston apartment market occupancy decreased 0.34 points in December to 88.56%.  Occupancy is down 0.22 points over the last year.  Average rents per square foot had no change $0.00 to $0.866 psf, and are up $0.014 psf since this time last year.  Average rent per unit gained $0.09 in December to $741.14, which represents an annual increase of $14.85.  Monthly absorption totaled -1,087 units and annual absorption totals 5,782 units.

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O’Connor & Associates / Research & Consulting Group
Houston: 713-686-9955   Dallas: 214-727-5673