• Key metrics for the Houston area multifamily sector recorded significant positive changes on a year-on-year basis.
  
  
• Class A occupancy stood at 93.7% in September which represents a 2% increase compared to the previous year. Class B occupancy increased by 1.1% to close at 88.3%.
  
  
• The rental rates per square foot went up slightly when compared to August; the average for both Class A ($1.180) and Class B ($0.836) went up by $0.002 each. For the other classes, the average was unchanged.
  
  
• Class A properties recorded the largest increases in average rental rates per unit. Over the month the average went up by $1.46 to close at $1,121.04; compared to September 2010, the average increased by $6.08.
  
  
• 7,143 units are in the construction pipeline, 21% of which are currently pre-leasing. 21 Class A communities and ten Class B communities are underway.

Houston Apartment Market Key Metrics

Occupancy	88.40%
Monthly Change	+0.06%
Annual Change	+1.24%

Rent / Unit	$770.89
Monthly Change	+$0.95
Annual Change	+$5.25

Rent / SF	$0.891
Monthly Change	+$0.001
Annual Change	+$0.006

Monthly absorption in Houston was positive 403 units, while annual absorption (rolling twelve months) totaled positive 9,386 units. 4,488 units are in the planning stage.

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