• Key metrics for the Houston area multifamily sector were positive in November. Rental rates per unit saw significant upward movement.
  
  
• Overall occupancy recorded a marginal decrease for this sector as well. Class A occupancy stood at 93.5%, a decrease of 0.11% over the month but an increase of 1.9% over the year. Class B properties recorded positive change both over the month and over the year to close at 93.5%.
  
  
• All classes recorded increases in the average rental rate per square foot. The average for Class A properties increased by $0.002 over the month to close at $1.185 per square foot. The Class B average stood at $0.839 per square foot, an increase of $0.002 over the month. The averages for Classes C and D also went up by $0.002 over the month.
  
  
• Class B properties recorded the largest change over a 12-month period in rental rates. The average rental rate per unit recorded in November ($689.23) represents an increase of $7.49 over the year. The average for Class A ($1,126.09) represents a change of $6.84 over the year.
  
  
• 7,419 units spread over 33 projects are in the construction pipeline. Seven of these projects are currently pre-leasing.

Houston Apartment Market Key Metrics

Occupancy	88.31%	Rent / Unit	$773.94	Rent / SF	$0.895
Monthly Change	-0.09%	Monthly Change	+$1.72	Monthly Change	+$0.002
Annual Change	+1.19%	Annual Change	+$6.54	Annual Change	+$0.008

Monthly absorption in Houston was negative 63 units, while annual absorption (rolling twelve months) totaled positive 8,927 units. 4,488 units are in the planning stage.

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