Hurricane Harvey: Multifamily analysis

​​HOUSTON – Pre-Harvey, multifamily absorption exceeded deliveries by almost 2,000 units, driving market-wide occupancy gains through August 2017, according to CBRE’s Hurricane Harvey: Multifamily Analysis.

Hurricane Harvey coming ashore August 25, 2017 accelerated the multifamily lease cycle by approximately 18 months.

A quickly draining construction pipeline—with less than 7,700 units underway—and reduced inventory due to flooding will cause supply to tighten while demand grows.

Houston’s apartment market had approximately 10,600 units reported to be damaged according to Apartment Data Services, with an 81 percent landlord response rate.​​