Builders completed 2,990 multifamily units in third quarter 2013, according to Hendricks-Berkadia. The additions put deliveries at 6,890 units for 2013. The last six months outpaced first half 2012, when 3,520 units were completed.
Developers have requested permits for 10,370 multifamily units in the first three quarters 2013. Close to 70 projects were in planning phases during the third quarter, with 17 prospective developments in the Montrose-River Oaks submarket.
Vacancy finished September at 5.7 percent, the same rate as June 2013. Vacancy improvements for Class B and C properties offset the 10-basis-point vacancy rise for Class A apartments to 4.2 percent.
Read more...Houston apartments 3Q 2013: Hendricks-Berkadia via Real Estate Center at Texas A&M