Houston apartment rental rates rose to an all-time high in 2014, but experts predict a slowdown in the multifamily market this year.
The Bayou City saw strong rent growth since 2009, when apartment construction and rental rates fell amid the Great Recession. Average monthly rents grew from $721 in 2009 to $923 in 2014, according to data from Apartment Data Services and CBRE Research released this week.
Last year, apartment rental rate growth hit 8.1 percent, a record high for Houston, according to CBRE. The international commercial real estate firm attributed the rental growth to Houston's rapid population and job growth, which has boosted occupancy rates well above 90 percent, and a flood of new luxury apartments, which can charge a higher premium for upscale amenities.
Read more...Houston apartment market to slow down amid oil slump, rents to go down in 2015 - Houston Business Journal
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