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Berkadia: Houston multifamily submarkets 1Q 2015Berkadia: Houston multifamily submarkets 1Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=3852015-07-14T11:59:00Z2015-07-14T07:30:00Z

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.

Houston Multifamily 1Q 2015 / 1Q 2014
Comparison by Rent $1,000+
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

Berkadia
Houston-The Woodlands-Sugar Land
Multifamily
http://www.apartmentupdate.com/index.cfmRead more at {Source}

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