Throughout much of 2011, multihousing has been an extraordinarily strong real estate sector nationwide. This has definitely been the case and then some in Houston as, during the past year, the multihousing sector has been active in all areas: Rent, occupancy and sales transaction.
Apartment Realty Advisors’ Fall, 2011 Multihousing Market Report introduced Q2 figures (the latest available) pertaining to the Houston market. Those figures pointed to a vacancy of just under 10%, with effective rents 1.9% higher than they were in the middle of 2010. Experts tell Globest.com that, in the closing days of 2011, those effective rents are continuing to climb, while vacancies continue to drop. Rents are anticipated to increase a total of 10% from a year ago.
In other words, says ARA principal David Mitchell: “To sum up 2011, we’re lucky to be in Houston.” Furthermore, the combination of jobs growth, continued disdain for single family purchases from renters (especially younger renters) and the strong energy sector that continues to churn out many jobs means that “this is all a perfect storm for multifamily in Houston,” notes Ed Cummins, senior vice president with Transwestern.
Read more...GlobeSt.com - Multifamily in 2011: Moving Forward on All Cylinders - Daily News Article
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