Multifamily construction activity remained strong in second quarter 2014 delivering 3,722 apartment units to the market. This was down slightly from 1Q 2014 when 4,143 units delivered.
At the end of 2Q 2014, 23,722 units remained under construction across the Houston metro area.
Average rental rates increased to $1.03 per sf during 2Q 2014 from $1.00 per sf in 1Q 2014. Rental rates in Houston are at an all time high after a couple of years of rapid growth. Rental rates increased 7.6 percent year-over-year in 2Q 2014.
Read more...CBRE: Houston multifamily 2Q 2014 MarketView
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