October 2014

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Market Summary

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

  • Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded a decrease of 0.30% from previous month. The average went down by 1.40% over the year for Class A properties. The largest annual increase was noted for Class C properties with an average increase of 0.31% to close at 89.50%.

  • The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported increase by $0.004 per square foot over previous month. The largest monthly increase was noted for Class D properties reporting an increase of $0.008 per square foot. The largest annual increase was noted for Class B properties, an increase of $0.036 per square foot to close at $0.923 per square foot.

  • Average rental rate per unit recorded a significant change for all classes. Class A properties reported an increase of $3.11 per square foot over month. On a year-on-year basis the average for Class A properties went up by $32.94 to close at $1,230.64 per unit, which is the largest yearly increase among all classes.

  • 29,052 units are in the construction pipeline, spread over 104 projects. 22.30% of the pipeline is currently pre-leasing.

Houston Apartment Market Key Metrics

 Occupancy

91.80%

 Rent / Unit

$854.31

 Rent / SF

 $0.988

 Monthly Change

+0.01%

 Monthly Change

+$5.04

 Monthly Change

 +$0.006

 Annual Change

-0.30%

 Annual Change

+$34.08

 Annual Change

+$0.039

Monthly absorption in Houston was positive 1,647 units, while annual absorption (rolling twelve months) totaled to positive 8,591 units. 12,772 units are in the planning stage.

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


 


 

 

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