HOUSTON-The metro region's success story from a commercial real estate perspective continues in the area of multifamily statistics. Specifically, Hendricks-Berkadia's Q3 multifamily report notes an area-wide vacancy of 5.7% (down from 6.7% year-over-year) and rent growth decreasing ever-so-slightly to 3.7% from 3.8% the same time last year.
Vacancies were especially tight in the Katy submarket of far west Houston, where it stood at 3.7%. The submarket also saw its average rent growth increasing by 5%. Also seeing tightening space and increased rent growth is the Braeswood-Bellaire submarket. Here, vacancy also stood at 3.7%, while rent growth was 5.8%.
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