Market SummaryKey metrics for the Houston area multifamily sector recorded positive changes in February.Overall occupancy recorded a slight upward change compared to January. Occupancy in Class A pr...
Key metrics for the Houston area multifamily sector recorded positive changes in February.
Overall occupancy recorded a slight upward change compared to January. Occupancy in Class A properties went up by 0.27% to close at 93.90%. Occupancy for Class B properties went up marginally by 0.18% to close at 88.26%.
Marginal increases were noted in the rental rates per square foot for all classes, except Class C. The average for Class A went up by $0.001 to close at $1.19 per square foot. The average for Class D properties also increased by the same margin to close at $0.644 per square foot. The largest change among the four classes was noted for Class B, where the average went up by $0.002 to close at $0.84 per square foot. The average for Class C remained unchanged over the month.
The average rental rate per unit recorded significant positive changes for all the classes. The average rents per unit increased by $1.14 for Class A properties to close at $1,130 per unit. The average for Class B went up by $1.17 per unit to close at $691.53 per unit.
11,224 units spread over 48 projects are in the construction pipeline. 12.19% of these (or 1,368 units) are currently pre-leasing.
Houston Apartment Market Key Metrics
Rent / Unit
Rent / SF
Monthly absorption in Houston was positive 1,194 units while annual absorption (rolling twelve months) totaled positive 11,037 units. 6,979 units are in the planning stage.
In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Dallas retail space leasing, Houston Commercial Office Space For Rent , Houston industrial space leasing, Houston apartments, Dallas apartments, Fort Worth apartments, Houston Office Space To Lease Austin apartments, and San Antonio apartments.