HOUSTON-Construction seems to be the news when it comes to the local multifamily market. Not so much the number of units coming online, but the fact those units are absorbed almost as soon as they're available to lease.
Marcus & Millichap Real Estate Investment Services' Q4 2013 report predicts 9,250 units coming to market this year. Despite this, vacancy will remain tight at 7% area-wide. Also on the forecast: an increase in the average rent by 4.6% to $908 per month.
And more units are in the pipeline. The report notes that construction on an additional 4,000 units is in process, with 9,500 additional units slated to come online in 2014.
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