As employment surged by levels not seen in four years, the overall vacancy rate for the Houston metro area dipped to 11.3 percent—the lowest level since 2006. Meanwhile, rent growth accelerated 3.8 percent to an average of $766 per month.
Hendricks & Partners reports that the metro area added 82,300 jobs in the last 12 months, bringing the unemployment rate down 110 basis points to 7.0 percent. The mining and logging sector posted the largest gains, while leisure, hospitality, education and health services were close behind. Not surprisingly, apartment owners have witnessed a dramatic uptick in leasing activity over the past three months, resulting in the strongest first-quarter gains in 10 years.
Read more...MARKET SNAPSHOT: Vacancy Falls to Lowest Level in Six Years in Houston | Multi-Housing News Online