Houston apartments 2Q 2013: Hendricks-Berkadia | Houston apartments 2Q 2013: Hendricks-Berkadia | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=6324 | 2013-09-18T09:52:00Z | 2013-09-17T00:00:00Z |
HOUSTON - Builders completed 3,270 multifamily units in second quarter 2013, according to Hendricks-Berkadia. The additions put deliveries at 6,310 units for 2013. The last six months outpaced first half 2012, when 3,520 units were completed.
Developers requested 7,700 multifamily units in first half 2013. The 15,400 annualized unit permits filed in June 2013 was a 5 percent rise from December 2012.
Vacancy dropped 50 basis points to 6 percent in 2Q 2013. The rate was 100 basis points lower than the rate one year prior.
Average asking rent increased 4 percent in the last year. The $982 per month rate in June 2013 was capped by a 1.2 percent upswing in 2Q 2013.
Rental demand remained healthy with 6,080 units absorbed in 2Q 2013. The leasing activity improved upon the net absorption of 4,630 units in 1Q 2013.
Houston Multifamily 2Q 2013 / 2Q 2012 Comparison by Vacancy
Submarkets* |
Vacancy |
Average Rent |
2Q 2013 |
2Q 2012 |
2Q 2013 |
2Q 2012 |
Galveston-Texas City |
3.4% |
5.1% |
- |
- |
Bear Creek-Katy |
3.8% |
4.1% |
$991 |
$916 |
Braeswood-Bellaire |
4.0% |
5.0% |
$1,255 |
$1,196 |
Fort Bend County |
4.1% |
4.9% |
$1,038 |
$1,011 |
Montrose-River Oaks |
4.1% |
4.0% |
$1,645 |
$1,571 |
Far NW-Montgomery County |
4.4% |
4.9% |
$1,037 |
$953 |
North-Northeast Houston |
4.7% |
4.8% |
$1,118 |
$1,056 |
Total (Houston-wide average)** |
6.0% |
7.0% |
$982 |
$945 |
*Chart represents top seven submarket ranked by vacancy.
**Total includes all submarkets within Houston.
View the full report at Hendricks-Berkadia.
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| Berkadia
| Houston-The Woodlands-Sugar Land
| Multifamily
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