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M/PF Research Apartment Report Predicts 2001 Will End Rent Slump

HOUSTON-Fewer new apartments will boost rents in Houston, now lagging behind the national average by 3%, says Dallas-based M/PF Research's quarterly apartment report. The metro's average rent now totals $638, with the exception of areas like the Galleria and West Inner Loop.

By Jennifer Brenner Andrade | Updated on February 05, 2001

HOUSTON-Nearly every Houston neighborhood has beefed up occupancy, a surefire sign that a late 1999 and early 2000 slump has passed. The 94.1% occupancy doesn’t soothe apartment owners who had experienced practically status quo rents, according to the latest Houston Apartment Report by Dallas-based M/PF Research.

“Houston’s rent growth is likely to accelerate during 2001,” says M/PF’s editorial director Greg Willett. He cites a dramatic cutback in construction and high occupancy rates as key motivators for the anticipated increase. Same-store rents had a 2% increase last year while the rest of the nation saw an average hike of about 5%. Regionally, Houston’s year-end results are even more sluggish, with Austin coming in at 9.9%; Dallas-Ft. Worth, 3.8%; and San Antonio, 3.5%.

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