Apr 10, 2017
2016 hits bottom; 2017 multifamily rents moving up
HOUSTON AREA – Headlines in 2016 were rough for Houston's multifamily sector, but 2017 is a different story."There's no shortage of interested investment buyers. On Jan. 1, it was like the...
HOUSTON AREA – Headlines in 2016 were rough for Houston’s multifamily sector, but 2017 is a different story.
"There’s no shortage of interested investment buyers. On Jan. 1, it was like the light switched flipped on," said Matt Guse, Colliers International senior vice president of Houston multifamily.
People are finally realizing it did not get as bad as everyone thought. Oil has stabilized and the negative headlines have waned, said Guse.
Northwest of Downtown along I-10, including areas of Jacinto City, Cloverleaf and Channelview lead the entire Houston MSA with rents increasing at an annual rate of 9.2 percent.
Pearland is also a bright spot, with rents increasing 5.6 percent.
In addition, the Inwood area on the Northwest side along Hwy. 24 inside Beltway 8 is experiencing 2.8 percent rent growth.
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