Houston third in apartment absoprtion thanks to HarveyHouston third in apartment absoprtion thanks to Harveyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=201312018-05-15T05:00:00Z2018-05-15T15:00:00Z

​​​HOUSTON – Apartment occupancy jumped as Houstonians sought temporary shelter after Hurricane Harvey's flood. 

In its first quarter 2018 report, Berkadia ranked the region as the third best metro area for apartment absorption in the U.S.

Renters moved into 2,971 apartment units in first quarter 2018, behind the Dallas-Fort Worth rate of 4,340 and New York City’s absorption of 3,148 units.​

​“Houston is really exceeding expectations and outperforming many other multifamily markets across many metrics,” said Ryan Epstein, senior managing director of Berkadia Houston. “Investment activity reflects these more healthy dynamics, and we anticipate this trend to continue as the Houston area economy keeps seeing growth.”

​​Nationwide, 396,496 net units were absorbed in the last four quarters. 

Other highlights of Berkadia's report include:

  • 1,242 new apartment units deliv​​ered in first quarter 2018.

  • Occupancy reached 89.7 percent, up 1.4 percent year over year.

  • Effective rent stands at $1,022, up 4.6 percent year over year.​

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