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Houston apartments 3Q 2013: Hendricks-BerkadiaHouston apartments 3Q 2013: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=59262014-01-13T14:13:00Z2013-10-24T06:36:00Z

HOUSTON - Builders completed 2,990 multifamily units in third quarter 2013, according to Hendricks-Berkadia. The additions put deliveries at 6,890 units for 2013. The last six months outpaced first half 2012, when 3,520 units were completed.

Developers have requested permits for 10,370 multifamily units in the first three quarters 2013. Close to 70 projects were in planning phases during the third quarter, with 17 prospective developments in the Montrose-River Oaks submarket.

Vacancy finished September at 5.7 percent, the same rate as June 2013. Vacancy improvements for Class B and C properties offset the 10-basis-point vacancy rise for Class A apartments to 4.2 percent.

Average asking rent reached $1,001 per month in 3Q 2013, up 3.7 percent. Rental demand eased with 2,120 units absorbed in 3Q 2013. Leasing activity was down from net absorption of 7,550 units in 2Q 2013.

Houston Multifamily 3Q 2013 / 3Q 2012 Comparison by Vacancy
Submarkets* Vacancy Average Rent
3Q 2013 3Q 2012 3Q 2013 3Q 2012
Northwest Houston 3.2% 3.7% $1,214 $1,162
Braeswood-Bellaire 3.7% 4.3% $1,288 $1,218
Bear Creek-Katy 3.7% 3.9% $1,012 $964
Fort Bend County 3.9% 4.4% $1,044 $1,014
Montrose-River Oaks 4.0% 4.1% $1,665 $1,599
North-Northeast Houston 4.1% 5.2% $1,152 $1,091
Spring Branch 4.2% 9.2% $934 $927
Total (Houston-wide average)** 5.7% 6.7% $1,001 $965

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

View the full report at Hendricks-Berkadia.

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