Berkadia: Houston multifamily submarkets 1Q 2015
HOUSTON – Developers moved to capitalize on the heightened rental demand by filing permits for 5,600 multifamily units in first quarter 2015, outpacing the 4,920 units requested during the same time last year.
Meanwhile, single-family activity was up 3.5 percent from the year before with 9,290 permits filed in 1Q 2015.
Vacancy tightened 30 basis points in the last three months to 5.4 percent by the end of 1Q 2015.
Average asking rent advanced 0.8 percent to $1,052 per month in 1Q 2015. The latest increase was part of a 4.2 percent rise in rents in the last year.
| Submarkets* | Vacancy | Average Rent | ||
| 1Q 2015 | 1Q 2014 | 1Q 2015 | 1Q 2014 | |
| Bear Creek/Katy | 4.8% | 4.7% | $1,090 | $1,042 |
| Braeswood/Bellaire | 5.5% | 4.9% | $1,350 | $1,286 |
| Brazoria County | 5.3% | 4.8% | $1,170 | $1,147 |
| Briar Forest/Ashford | 6.1% | 5.2% | $1,031 | $982 |
| Briar Grove/Westchase | 5.5% | 5.2% | $1,102 | $1,048 |
| Chambers County | 1.0% | 2.4% | $1,090 | $1,031 |
| Cypress/Fairbanks | 5.5% | 5.1% | $1,040 | $965 |
| Far NW/Montgomery County | 6.0% | 5.4% | $1,108 | $1,059 |
| Fort Bend County | 5.2% | 4.4% | $1,134 | $1,081 |
| Galveston County | 6.0% | 5.0% | $1,026 | $985 |
| Montrose/River Oaks | 6.2% | 4.5% | $1,698 | $1,687 |
| North/Northeast Houston | 6.2% | 6.3% | $1,208 | $1,161 |
| Total** | 5.4% | 6.0% | $1,052 | $1,009 |
*Listed submarkets include those which have an average rent over $1,000 in 1Q 2015.
**Total represents all 28 submarkets in the Houston area.
Click to see the full report Houston Multifamily 1Q 2015 (PDF).
Source: Berkadia
You might also like
TG Magazine
Check out the latest issue of our flagship publication.