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Key metrics for the Houston area multifamily sector were mostly positive in February. Overall occupancy increased across all classes, with Class A properties recording occupancy at 92.14%. Absorption returned to positive figures with Class A properties recording the highest absorption at 446 units. Overall rental rates per square foot remained unchanged over the previous month, with Class B properties recording a decrease of $0.001 and Class C properties recording an increase of $0.001. Declines were noted in average rents per unit of all classes – Class B rates came down by $0.52 – resulting in the overall average decreasing marginally compared to January. With over 36% of the construction pipeline currently pre-leasing and no significant deliveries expected in the coming month, the sector’s key metrics should remain mostly positive in the coming month.
Houston apartment market occupancy increased 0.22% points over the adjusted figure of the previous month to 86.91% in February and increased by 1.41% over the same period last year. Average rents per square foot remained unchanged compared to January, and are up $0.003 over February 2010. Average rent per unit decreased by $0.39 to $768.17, while the average increased by $9.62 over February 2010. Monthly absorption was positive 893 units, while annual absorption (rolling twelve months) totals positive 11,517 units.
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