Houston saw a robust surge in overall net absorption for 2017 with a total of 17,106 units absorbed by year’s end.
Market overall occupancy rates inched up to 89.4% reflecting this increased appetite for multifamily product.
Rental rates increased by 1.7 % to $1.15 PSF over the quarter.
The construction pipeline saw significant contraction falling 30% to 9,751 units under construction at the end of the year.
Overall, 2017 was a watershed year for multifamily as the market cleared off its surplus. Forecasts indicate 2018 to be a continuation of the demand growth seen in 2017 with job growth projections ranging from 45,000 – 75,000 jobs.