CBRE: Houston multifamily 4Q 2013CBRE: Houston multifamily 4Q 2013https://www.recenter.tamu.edu/news/newstalk-texas/?Item=45912014-03-24T09:51:00Z2014-03-24T08:00:00Z

HOUSTON - The multifamily market ended 2013 with a strong fourth quarter, according to CBRE’s 4Q 2013 Multi-Housing Marketview.

Rent growth continued in 4Q 2013 and Houston average rental rates are on track to reach $1.00 per sf soon. Rents reached $0.98 per sf in 4Q 2013, continuing the upward pattern for all four quarters of 2013.

Citywide occupancy stands at 90.5 percent, marking an entire year of citywide occupancy rates above 90 percent.

With robust home sales bringing months of supply to historic lows and strong housing demand in general, multifamily fundamentals are tight, especially as more millennials opt for Class A rentals in the Inner Loop.

The number of units absorbed in 2013 reached 16,678. Not only is net absorption outpacing the three-year average of approximately 14,000 units, but this marks the sixth consecutive year with positive annual net absorption.

For CBRE’s full report, see Multifamily under Houston Market Data Sources.

Houston-The Woodlands-Sugar Land
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