Dec 21, 2016
2017 Forecast: Houston apartment rent growth
HOUSTON – Axiometrics Inc. has some good and bad news for Houston’s multifamily industry.First, the bad news: Apartment rents are falling in Houston amid the oil slump.Average rents fell 3.7 percent...
HOUSTON – Axiometrics Inc. has some good and bad news for Houston’s multifamily industry.
First, the bad news: Apartment rents are falling in Houston amid the oil slump.
Average rents fell 3.7 percent year over year to $1,053 per month in November.
For comparison, this past November 2015, rents had increased 1.9 percent year over year to $1,094 per month, according to Axiometrics.
The good news: Axiometrics forecasts Houston apartment rents to climb back into positive territory in 2017.
The research firm expects rent growth to reach 2 percent by fourth quarter 2017.
Developers are expected to deliver some 18,132 new apartment units next year, most expected within the first half of the year, according to Axiometrics.
Many of these units are being built in the Montrose/River Oaks submarket where rents fell 8.6 percent year over year in November, according to Axiometrics.
Be sure and read the full story at the Houston Business Journal.
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