Houston: Marcus & Millichap 4Q 2014 apartment report
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 Rate | Effective Rent | Y-O-Y Change |
| 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!
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