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Houston apartments 1Q 2014: Hendricks-BerkadiaHouston apartments 1Q 2014: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=41912014-05-16T07:24:00Z2014-05-16T06:30:00Z

HOUSTON - Nearly 2,930 units were delivered in first quarter 2014, according to Hendricks-Berkadia. With 890 new units, development in the Montrose-River Oaks submarket led the metropolitan area. Construction was up from the 2,110 units added across the metropolitan area in 4Q 2013.

Rental demand surged to start 2014 with the net absorption of 2,140 units.

Permits for 5,190 multifamily units were filed. Permitting activity was down 30.2 percent from 1Q 2013. The decline followed a 162.8 percent surge in 2013.

Operators advanced rents 0.7 percent in first quarter to $1,013 per month. The increase followed a 0.1 percent dip in the preceding three months. The average asking rent was up 3.7 percent from 1Q 2013.

Houston Multifamily 1Q 2014 / 1Q 2013 Comparison by Vacancy
Submarkets* Vacancy Average Rent
1Q 2014 1Q 2013 1Q 2014 1Q 2013
Liberty County 3.4% 9.9% $632 $623
Pasadena-Deer Park 3.9% 5.9% $834 $788
Montrose-River Oaks 4.4% 4.0% $1,685 $1,630
Fort Bend County 4.6% 4.7% $1,088 $1,012
Braeswood-Bellaire 4.9% 4.1% $1,299 $1,240
Sharpstown-Westwood 4.9% 7.9% $697 $644
Houston-wide average** 6.1% 6.6% $1,013 $977

*Chart represents top six submarkets ranked by vacancy.
**Total includes all submarkets within Houston.

View the full report at Hendricks-Berkadia with free registration. Also, see Multifamily under Houston Market Data Sources.

Berkadia
Houston-The Woodlands-Sugar Land
Multifamily
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