Camden Says Texas MF Markets 'Beaten Up'

HOUSTON-The two largest multifamily markets in Texas – Houston and Dallas – are “beaten up” from the new supply that has come to market over the past 12 months.

Richard Campo, chairman and CEO of Camden Property Trust, outlined the problems the additional inventory have created for REIT’s properties during its first quarter earnings call. The local company owns interests in and operates 185 properties containing 63,658 apartment homes across the U.S.

“The Texas markets are getting beaten,” Campo notes, adding that they’re suffering from “a ton of new supply” that was constructed during the last part of the development cycle when Dallas and Houston were the only two markets in the country where developers could build. “Unfortunately, some of it is directly competitive with a lot of our assets in Houston and in Dallas, as well.”