Houston apartments 1Q 2014: Hendricks-Berkadia
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.
| 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.
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