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Houston multifamily 2Q 2014: Hendricks-BerkadiaHouston multifamily 2Q 2014: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=34882014-07-29T07:41:00Z2014-07-29T07:01:00Z

HOUSTON - As hiring accelerated in the last six months, so did leasing activity with 10,650 newly occupied apartments. Rental demand was up from the 10,170 units absorbed during the same time period last year.

The Houston inventory expanded by 4,300 new apartments in the last three months. Deliveries were up 65.6 percent from the first quarter.

Heightened leasing activity pushed vacancy down 60 basis points to 5.3 percent in the second quarter. Operators advanced rents 1.6 percent in the last three months to $1,037 per month by June. The average asking rent increased 4.1 percent since mid-2013.

Houston Multifamily 2Q 2014 / 2Q 2013
Comparison by Rent $1,000+
Submarkets* Vacancy Average Rent
2Q 2014 2Q 2013 2Q 2014 2Q 2013
Bear Creek/Katy 3.7% 3.9% $1,061 $1,010
Braeswood/Bellaire 5.1% 3.9% $1,309 $1,269
Brazoria County 3.7% 5.4% $1,136 $1,063
Briar Forest/Ashford 4.2% 5.2% $1,000 $939
Briar Grove/Westchase 4.6% 4.6% $1,082 $1,021
Far NW/Montgomery County 5.2% 4.4% $1,093 $1,048
Fort Bend County 4.3% 4.0% $1,113 $1,054
Galveston County 5.4% 5.6% $1,001 $952
Montrose/River Oaks 4.6% 3.9% $1,712 $1,668
North/Northeast Houston 5.5% 5.8% $1,203 $1,138
Total** 5.3% 5.7% $1,037 $996

*Listed submarkets include those which have an average rent over $1,000 in 2Q 2014.
**Total represents all 26 submarkets in the Houston area.

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