Tightening conditions will prompt owners to raise rents and reduce concessions in 2012. For the year, asking rents will increase 3.1 percent to $805 per month, while effective rents advance 4.1 percent to $739 per month, according to the Marcus & Millichap Apartment Research Report for second quarter 2012.
With residential lending standards still tight, the addition of more than 90,000 jobs will undoubtedly strengthen apartment demand in the metro.
At the same time, apartment completions in 2012 will fall well below the long-term average, resulting in another year of declining vacancy and accelerating rent growth.
Read more...Houston Area Apartment 1Q 2012: Marcus & Millichap via Real Estate Center at Texas A&M University
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