January 2008
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The Houston market recorded a decrease in occupancy in January, the fifth monthly decrease in a row; occupancy in Houston continues to lag the major Texas markets. Houston rental rates increased $0.001 in January, but remain towards the lower end when compared to the other major markets in Texas. January absorption in Houston was -488 units, the weakest of all markets.
Houston apartment market occupancy decreased 0.24 points in January to 87.98%. Occupancy is down 0.24 points over the last year. Average rents per square foot increased $0.001 to $0.849 psf, and are up $0.017 psf since this time last year. Average rent per unit gained $1.02 in January to $724.83 which represents an annual increase of $16.22. Monthly absorption totaled -488 units and annual absorption totals 8,261 units.
Houston
|
|
Occupancy |
87.98% |
Monthly Change |
▼ 0.24 |
Annual Change |
▼ 0.24 |
Rent / Unit |
$724.83 |
Monthly Change |
▲ $1.02 |
Annual Change |
▲ $16.22 |
Rent / SF |
$0.849 |
Monthly Change |
▲ $0.001 |
Annual Change |
▲ $0.017 |
Monthly Absorption |
-488 |
Annual Absorption |
8,261 |
Units U/C |
24,182 |
Units Planned |
16,099 |
 |
|---|
 |
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O’Connor & Associates / Research & Consulting Group
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O'Connor & Associates -- Your Key to Real Estate Success
Corporate Office:
2200 North Loop W., Suite 200
Houston, TX 77018
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