Harvey's damage will likely reverse the multifamily supply imbalance that has slowed rent growth during the past several years, says Ryan Epstein of Berkadia's investment sales team and Tucker Knight, of its commercial debt team. The Berkadia team is seeing more lease-up activity in the short period after Harvey and fewer concessions.—Lisa Brown
BY THE NUMBERS
HOUSTON—The occupancy rate jumped 120 basis points between August and September, reflecting the loss of inventory and heightened demand for apartment rentals. Effective rent also increased 1.4% since August, climbing to $999. As of September, 39 apartment communities were under construction. These developments should bring 10,052 units online during the upcoming years, according to Berkadia.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
