Houston: Marcus & Millichap 4Q 2014 apartment reportHouston: Marcus & Millichap 4Q 2014 apartment reporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=23752014-12-01T08:24:00Z2014-11-24T10:30:00Z

HOUSTON - Houston ranks atop most U.S. metros for job creation, household formation and net migration, which supports expectations for the local apartment market to finish the year strong, according to Marcus & Millichap's Fourth Quarter 2014 Apartment Research Market Report.

Multifamily permit activity jumped 74 percent to nearly 24,600 units during the past 12 months.

During 2014, Houston’s prime renter-age cohort will grow by 1.9 percent, or 26,100 residents, and developers will complete 13,100 apartments, a sizable increase from 2013, when 9,600 units were delivered.

Completions will pick up in the fast-growing communities to the far north, including The Woodlands and Spring/Tomball areas, where a collective 2,220 apartments are already on tap for 2015.

Here are the top five submarkets ranked by vacancy rate:

Submarket Vacancy Ranking
Submarket Vacancy
Katy 3.2% $1,135 6.5%
Sugar Land/Stafford 3.4% $1,146 6.9%
Gulfton/Westbury 3.5% $854 1.3%
Cypress/Waller 3.5% $1,055 3.3%
Greenway Plaza/Upper Kirby 3.6% $1,562 1.3%

Source: Marcus & Millichap

Click here to see the full Apartment Research Market Report for 4Q 2014 from Marcus & Millichap. Also, see Multifamily under Houston Market Data Sources for more apartment info!

Marcus & Millichap Real Estate Investment Services
Houston-The Woodlands-Sugar Land
https://www.recenter.tamu.edu/Pages/market-research.aspxRead more at {Source}

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