December 2013

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Market Summary

  • Key metrics for the Houston area multifamily sector recorded both positive and negative changes in December 2013.

  • Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded a decrease of 0.26% to close at 94.01%. The largest monthly increase was noted for Class D properties (0.13%). For Class A properties the average went down by 0.38% over the year. The largest annual increase was noted for Class C properties with an average increase of 2.54% to close at 89.01%.

  • The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported an increase of $0.003 per square foot which is the largest increase among other classes over previous month. Class A reported also reported the largest annual increase of $0.046 per square foot to close at $1.26 per square foot.

  • Average rental rate per unit recorded a significant change for all Classes. The largest monthly increase was noted for Class A properties with an average increase of $1.67 per square foot. On a year-on-basis the average for Class A properties went up by $41.98 to close at $1,199.88 per unit, which is the largest yearly increase among all classes.

  • 16,724 units are in the construction pipeline, spread over 65 projects. 16.3% of the pipeline is currently pre-leasing.

Houston Apartment Market Key Metrics

 Occupancy

91.92%

 Rent / Unit

$822.53

 Rent / SF

  $0.952

 Monthly Change

-0.16%

 Monthly Change

+$1.31

 Monthly Change

 +$0.001

 Annual Change

+1.40%

 Annual Change

+$29.66

 Annual Change

+$0.034

Monthly absorption in Houstonwas negative 49 units while annual absorption (rolling twelve months) totaled to positive 11,474 units. 10,772 units are in the planning stage.

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


 


 

 

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