Houston apartment vacancies continue to dropHouston apartment vacancies continue to drophttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=61082013-10-07T15:25:00Z2013-10-07T07:00:00Z

HOUSTON - Apartment vacancies in Houston, at 6.4 percent through third quarter 2013, are down 1.2 percent from 3Q 2012, the fifth-largest drop among major markets in the nation, according to Reis Inc.

However, Houston's vacancy rate of 6.4 percent still remains relatively high, ranking 75th out of 79 markets. By comparison, vacancy in Austin through 3Q 2013 was 4.4 percent (48th); 5 percent in Dallas (59th); and 5.6 percent in San Antonio (70th).

Meantime, rents in Houston continue to rise, up 4.4 percent from a year ago, the sixth-largest increase among major markets. Average rent in Houston through 3Q 2013 was $810.72.

By comparison, average rent in Austin grew 4.1 percent year-over-year to $891.11 (eighth); 3.4 percent in San Antonio to $749.14 (15th), and 3.1 percent in Dallas to $822.14 (25th).

Average multifamily rents in Houston posted yet another record in 2Q 2013, reaching 96 cents per sf after achieving 93 cents per sf in Q1 2013, according to CBRE Group Inc.

In Houston, a number of multifamily projects are on the horizon, including four from Hines:

  • 33-story Market Square — 289 units at 327,000 sf; estimated completion of 1Q 2016;
  • 25-story project in the Museum District — 250 units at 301,000 sf;
  • WaterWall Place development, scheduled to open in December 2013; and
  • 21 Eleven — 215 units, scheduled for completion in summer 2015.

Read more at the Houston Business Journal.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/news/2013/10/02/apartment-vacancies-in-houston.htmlRead more at {Source}

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