{{titleBar.title}}

{{titleBar.tagline}}

 

 

Houston apartment 2013: Hendricks-BerkadiaHouston apartment 2013: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=52752014-01-14T10:16:00Z2014-01-13T07:15:00Z

HOUSTON - Leasing activity climbed with the net absorption of 14,740 units during the previous 12 months, up from 14,470 units absorbed in 2012, according to Hendricks-Berkadia.

Builders completed 9,010 apartments last year, up 101.5 percent from 2012. Developers were particularly active in the Montrose/River Oaks submarket where inventory jumped with 3,790 new units during the prior 12 months.

Multifamily permitting activity increased 2.2 percent with 14,980 units requested during the past four quarters. For the second consecutive year, submissions were more than the historic annual average of 9,830 units.

Vacancy dropped 100 basis points to 5.8 percent in the last 12 months. The reduction followed a 170-basis-point decline in 2012. Average asking rents reached $998 per month in December, up 3.2 percent from one year ago. At the same time, concessions dropped 250 basis points to 0.4 percent of rents.

Houston Multifamily 2013 / 2012 Comparison by Vacancy
Submarkets* Vacancy Average Rent
2013 2012 2013 2012
Bear Creek/Katy 3.8% 4.3% $1,008 $975
Braeswood/Bellaire 3.8% 4.3% $1,273 $1,216
Montrose/River Oaks 4.0% 4.3% $1,668 $1,607
Far NW/Montgomery County 4.1% 5.9% $1,055 $996
Briar Grove/Westchase 4.5% 5.7% $1,012 $978
Cypress/Fairbanks 4.7% 5.6% $950 $935
Total (Houston-wide average)** 5.8% 6.8% $998 $967

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

View the full report at Hendricks-Berkadia.

See the Center's free Houston Market Data Sources. Office, industrial, retail, multifamily data all in one spot.

In a hurry? Then see the latest Houston NewsTalk Texas news.

Berkadia
Houston-The Woodlands-Sugar Land
Multifamily
http://www.apartmentupdate.com/index.cfmRead more at {Source}

 Search NewsTalk Texas