Declining vacancy rates and strong rent growth in the Houston apartment market set the stage for the current spike in new construction. The market is riding on the backs of strong energy and health care sectors and should continue to tighten during the period ahead.
Vacancy Peaks and Valleys
Market-rate apartment occupancy has been on a roller coaster ride for several years. A decline from double digit vacancy rates was spurred by the migration caused by Hurricane Katrina. The recession that followed, however propelled the rate back to double digits soon after. A cutback in development led to the rallying of demand in 2010 and yet another rapid descent in vacancy returned.
Read more...New Supply to Meet Demand in Houston Apartment Sector | ReisReports
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