Leasing activity climbed with the net absorption of 14,740 units during the previous 12 months, up from 14,470 units absorbed in 2012, according to Hendricks-Berkadia.
Builders completed 9,010 apartments last year, up 101.5 percent from 2012. Developers were particularly active in the Montrose/River Oaks submarket where inventory jumped with 3,790 new units during the prior 12 months.
Multifamily permitting activity increased 2.2 percent with 14,980 units requested during the past four quarters. For the second consecutive year, submissions were more than the historic annual average of 9,830 units.
Read more...Houston apartments 2013: Hendricks-Berkadia via Real Estate Center at Texas A&M