Houston occupancy drops in top-end apartmentsHouston occupancy drops in top-end apartmentshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=4742015-07-06T07:25:00Z2015-07-06T07:00:00Z

HOUSTON - Rental units with the high-end amenities and luxe living spaces have seen occupancy drop about 7 percent since high times two years ago, according to data from Houston-based Apartment Data Services.

Class A apartments had 85 percent occupancy over the last 12 months, compared to 91 percent in July 2013, according to the apartment research firm based on 12-months ending June 30.

While tens of thousands of units are expected to open this year in complexes already underway, the number of projects likely fell off.

Last year, 18,000 new apartment units came to the market to keep up with the demand. This year, original projections forecast 27,000 units to open.

Rent growth has also slowed to 5.5 percent overall, a drop from 8 percent last year.

Prices are still high in most markets. High end apartments average $1,454, mid-range are $926 and lower end $737. In the overall market, the average rent is $963.

Click Houston NewsTalk, Houston Market Research.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2015/07/occupancy-drops-in-luxury-top-end-apartment-complexes/Read more at {Source}

 Search NewsTalk Texas