|Transwestern: Brokers ignore oil woes, Houston apartments still a go||Transwestern: Brokers ignore oil woes, Houston apartments still a go||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11247||2015-12-01T06:00:00Z|
HOUSTON - Fewer apartments are changing hands during the oil slump, but investors still seem bullish on the Houston market, according to Transwestern’s multifamily brokers.
Investors are buying fewer apartment properties this year compared to last year, according to the national commercial real estate firm.
Investors purchased 44 apartment properties totaling 11,923 units during third quarter 2015, compared to 60 properties totaling 14,270 during the same period last year, according to Transwestern’s Trendlines report.
Despite the downturn in oil prices, investors are hot on Houston apartment complexes, particularly Class B and C properties.
With supply tight, Houston’s Class B and C apartment occupancy rates remain around 94 percent, and few properties are offering rents concessions like the Class A market is.
Transwestern predicts Houston’s multifamily market will continue to soften next year as job growth is expected to slow down.
New apartment construction is expected to slow dramatically, and occupancy rates may fall below 90 percent, said Pat Jankowski, chief economist with the Greater Houston Partnership.
Click here to see Transwestern's 2015 TrendLines® Report released November 2015.
|Houston Business Journal||Houston-The Woodlands-Sugar Land||Multifamily|| http://www.bizjournals.com/houston/morning_call/2015/11/brokers-houston-apartments-still-a-good-investment.html?iana=ind_cre|
See Houston multifamily Market Research to see the area's latest data.