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The Houston area multifamily sector posted positive changes in all key metrics in the month of October. Although absorption declined in comparison to the previous month, overall occupancy increased by 0.05% points; Class A properties recorded the highest occupancy at 91.63%. Overall average rental rates increased both on per unit and per square foot basis. Class A properties registered the largest increases, recording a positive change of $1.64 per unit and $0.002 per square foot. The construction pipeline reduced significantly over the last month, the lowest figure in over two years. With just over 20% of the construction pipeline pre-leasing, there should not be a major impact on the overall metrics from delivering units during the coming month.
Houston apartment market occupancy increased 0.05% points over the adjusted figure of the previous month to 87.09%. Occupancy is up 0.84% points over the last year. Average rents per square foot increased by $0.001 in October, and are up $0.004 over October 2009. Average rent per unit increased $0.95 in October to $766.21, which represents an annual increase of $7.16. Monthly absorption was positive 452 units, while annual absorption (rolling twelve months) totals positive 10,809 units.
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