November 2014

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Market Summary

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

  • Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded a decrease of 0.05% from previous month. The average went down by 1.25% over the year for Class A properties. The largest annual increase was noted for Class D properties with an average increase of 0.92% to close at 87.08%.

  • 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 $0.006 per square foot over previous month, which is also the largest monthly increase among other classes. The largest annual increase was also noted for Class A properties, an increase of $0.041 per square foot to close at $1.306 per square foot.

  • Average rental rate per unit recorded a significant change for all classes. Class A properties reported an increase of $4.63 per square foot over month. On a year-on-year basis the average for Class A properties went up by $37.06 to close at $1,235 per unit, which is the largest yearly increase among all classes.

  • 28,211 units are in the construction pipeline, spread over 100 projects. 21.97% of the pipeline is currently pre-leasing.

Houston Apartment Market Key Metrics

 Occupancy

91.94%

 Rent / Unit

$858.42

 Rent / SF

 $0.993

 Monthly Change

+0.14%

 Monthly Change

+$4.11

 Monthly Change

 +$0.005

 Annual Change

-0.05%

 Annual Change

+$36.96

 Annual Change

+$0.042

Monthly absorption in Houston was positive 1,183 units, while annual absorption (rolling twelve months) totaled to positive 10,096 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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