Some Houston apartments are introducing rent concessions and beefing up their marketing efforts to encourage walk-ins and lease-ups amid the oil slump that took oil from $100 a barrel in the summer to about $50 now.
That means more competition in the tightening multifamily arena.
“We’re seeing concessions from one month to six weeks (free rent),” said Bruce McClenny, president of Houston-based Apartment Data Services Inc. “The new stuff builds it in (to encourage lease-up rates during construction), but we’re seeing more of that happening on the stabilized stuff.”
Read more...Apartment rent concessions hit Houston multifamily market - Houston Business Journal
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