Houston one of tops in multifamily rental, occupancyHouston one of tops in multifamily rental, occupancyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=49902014-02-10T14:21:00Z2014-02-10T00:00:00Z

HOUSTON - While Houston ranks third in the nation for the number of units projected to be constructed by 2017 and second in units to be absorbed in 2017, there will not be a shortage of tenants to fill those units as Houston’s rental and occupancy rates lead most of the country, according to Jones Lang LaSalle (JLL).

A national study by JLL predicts 30,000 units will be constructed by 2017, ranking Houston third in multifamily construction over the next three years, just behind Atlanta, which is projected to build just more than 35,000, and Dallas-Fort Worth, which is projected at just 40,000.

Houston’s projected unit absorption through 2017 is 60,000 units, ranking second only to Dallas-Fort Worth, which is projected to absorb 70,000 units through 2017.

On a year-over-year basis, Seattle, Nashville, San Francisco, Houston/Denver (tied), respectively have led the country in annual rental growth averaging between 4.5 to 7 percent. Houston ranked second in occupancy growth of 1.2 percent last year, just behind Las Vegas and Jacksonville, which tied for fourth with a growth rate of 1.4 percent.

Houston ranked fifth in 2013 multifamily sales with $5.1 billion, behind New York with $14.1 billion, Washington D.C. with $9.7 billion, Los Angeles with $7.0 billion and Dallas with $5.6 billion.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/news/2014/02/03/houston-one-of-top-markets-for-multifamily-rental.htmlRead more at {Source}

 Search NewsTalk Texas