HOUSTON—Due to Harvey, the multifamily market became the unwitting recipient of single-family residents seeking shelter last year. This closed the year with lower vacancy than was originally forecast. The vacancy rate contracted some 500 basis points below the long-term average of 8%, according to a report by Marcus & Millichap.
Houston was in the middle of a construction boom before the flooding from Harvey began and nearly 25,000 apartments were slated for delivery in 2017. Approximately 16,200 units opened in the first nine months of 2017, but completions tapered in the final months of the year, GlobeSt.com learns.
Is the outlook for this year expected to remain stable or will there be more unforeseen obstacles? In this exclusive, David Wylie, vice chairman, ARA Newmark, recently discussed the trends and submarkets to watch, investor evolution and perhaps some surprises in store for the multifamily market in 2018.
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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.
