Aug 4, 2017
Multifamily highlights: Houston CBRE 2Q 2017
HOUSTON – CBRE has released the Second Quarter 2017 Houston Multifamily MarketView. Supply and development slow downHouston currently has 639,927 active units in the market with an additional 11,054 units under...
HOUSTON – CBRE has released the Second Quarter 2017 Houston Multifamily MarketView.
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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