HOUSTON—Multifamily demand in the Houston metropolitan area surged in 2017, according to a report just released by Berkadia. Ryan Epstein and Tucker Knight, senior managing directors of Berkadia's Houston office, recently discussed the first quarter Houston multifamily report and its implications in this exclusive.
GlobeSt.com: The Houston market absorbed 4,916 apartments in the first three months of 2017– that's more leasing activity than all of 2016. Is the Houston apartment market on the rebound?
Ryan Epstein: We are definitely absorbing more apartment units than we thought we would, and that's a good indicator that we're heading toward a more balanced market. While we are seeing more demand, the occupancy rate actually decreased this quarter (88.3%) due to the surplus of product on the market. But if this level of absorption continues, it's quite possible we'll turn a corner and landlords will regain some pricing power in the end of 2017.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
