January 2014

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Market Summary

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

  • Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded an increase of 0.05% to close at 94.05%. The largest monthly increase was noted for Class C properties (0.08%). For Class A properties the average went down by 0.43% over the year. The largest annual increase was also noted for Class C properties with an average increase of 2.91% to close at 89.11%.

  • 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 $0.005 per square foot which is the largest increase among other classes over previous month. Class A also reported the largest annual increase of $0.047 per square foot to close at $1.27 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 $5.15 per square foot. On a year-on-basis the average for Class A properties went up by $42.19 to close at $1,205.03 per unit, which is also the largest yearly increase among all classes.

  • 16,310 units are in the construction pipeline, spread over 62 projects. 33.63% of the pipeline is currently pre-leasing.

Houston Apartment Market Key Metrics

 Occupancy

91.91%

 Rent / Unit

$827.46

 Rent / SF

  $0.957

 Monthly Change

-0.01%

 Monthly Change

+$4.87

 Monthly Change

 +$0.005

 Annual Change

+1.40%

 Annual Change

+$32.76

 Annual Change

+$0.038

Monthly absorption in Houston was positive 372 units while annual absorption (rolling twelve months) totaled to positive 11,422 units. 10,396 units are in the planning stage.

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


 


 

 

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