Houston multifamily vacancies on the rise as oil settles in a slumpHouston multifamily vacancies on the rise as oil settles in a slumphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=127642016-04-08T05:00:00Z2016-04-08T20:00:00Z

​HOUSTON - Houston apartment vacancies are rising during the oil slump, according to a new report.

Marcus and Millichap recently issued its 1Q2016 multifamily market report.

The report found that apartment vacancy rates in 2015 increased for the first time since mid-2010, shortly after the Great Recession ended.

Houston’s apartment vacancy rate in 2015 climbed to 6.2 percent, an increase of 0.4 percentage points year over year, according to Marcus and Millichap.

Vacancy rates varied from submarket to submarket, ranging from a low of 4.2 percent in Brazoria County south of Houston to a high of 9.7 percent in Spring/Tomball.

The brokerage attributed the city’s rising vacancy rates to the weakened job market during the oil slump and competition from new apartment projects that have flooded the market during the boom years.

Marcus and Millichap forecasts Houston apartment vacancy rates will continue to rise in 2016. 

The brokerage predicts vacancy rates for the Houston metro will hit 6.5 percent this year as developers deliver the largest number of apartment unit since the Great Recession.

Houston Business Journal
Houston-The Woodlands-Sugar Land

​Be sure to check out Marcus & Millichap's Multifamily 2016 Forecast here.

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