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Market Summary
Key metrics for the Houston area multifamily sector recorded both positive and negative changes in March 2016.
Occupancy figures for the classes recorded both positive and negative changes over the month. Class A recorded an unchanged figure from previous month. The average went down by 0.59% over the year for Class A properties.
The average rental rates per square foot reportedly had marginal changes for all classes for the month. Rental rates for Class A reported unchanged figure over previous month, and $0.021 per square foot over the year. The largest annual increase was noted for Class B properties reporting an increase of $0.032 per square foot.
Average rental rate per unit recorded a significant change for all classes. Class A properties reported a decrease of $0.21 per square foot over month. The largest monthly increase was noted for Class B properties which went up by $0.59 per unit. On a year-on-year basis the average for Class A properties went up by $17.41 to close at $1,263 per unit. The largest yearly increase among all classes was also reported for Class B properties ($21.25 per unit).
25,204 units are in the construction pipeline, spread over 90 projects. 8.51% of the pipeline is currently pre-leasing.
Monthly absorption in Houston was positive 393 units, while annual absorption (rolling twelve months) totaled to positive 3,425 units. 8,598 units are in the planning stage.
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