HOUSTON—Apartment demand in the Houston metro area has jumped amid an uncertain post-hurricane market. This positive news was presented in Berkadia's third quarter 2017 Houston multifamily report. In an exclusive, GlobeSt.com caught up with Ryan Epstein, senior managing director with Berkadia's Texas multifamily investment team, to discuss the report.
GlobeSt.com: According to the Berkadia report, Houston area multifamily occupancy and rent ticked up since last quarter–what's behind the numbers?
Epstein: Quite simply, the pool of renters increased after Hurricane Harvey while the supply of apartment product shrunk. Many single-family households were displaced due to the storm and became new renters, and many existing multifamily properties were damaged or uninhabitable, driving renters to relocate to other properties. In just one month following Harvey, metro-wide apartment occupancy rose 120 basis points to 90.1% in September. The same month, the heightened demand translated into a 1.4% monthly increase in effective rent to $999 per month.
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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.
