Multifamily highlights: Houston CBRE 2Q 2017Multifamily highlights: Houston CBRE 2Q 2017https://www.recenter.tamu.edu/news/newstalk-texas/?Item=172632017-08-04T05:00:00Z2017-08-04T22:00:00Z

​​​​​HOUSTON – CBRE has released the Second Quarter 2017 Hou​​ston Multifa​​mily Mark​​etView. ​​

Supply and development slow down
  • Houston currently has 639,927 active units in the market with an additional 11,054 units under construction in 2Q 2017.​
  • The completion of 4,493 units in this quarter are the fewest amount since the beginning 2016.
​Demand and occupancy on the rise with higher absorption rates
  • In 2Q 2017, 6,773 uits have been absorbed—which is the highest absorption Houston has seen since 2Q 2013. 
  • In total, the first half 2017 has absorbed over 11,000 units.
  • Class A projects are seeing the highest demand with 5,320 out of the total 6,773 units being absorbed.
  • As occupancy has risen up to 88.9 percent, rental rates have remained relatively stable at $1.11 per sf on average.
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