Houston Apartment Market Update - June 2007
The Houston market posted a decline in occupancy in June, and occupancy continues to be the lowest of the major Texas markets. However, rental rate increases in June were strong but continue to be at the low end of rents in other major markets in Texas. Demand was robust in Houston during June; monthly absorption figures were the strongest compared to other Texas markets. Houston apartment market occupancy increased 0.14 points in June to 88.51%; occupancy is down 1.79 points since this time last year. Rental rates per square foot posted an increase of $0.002 psf to $0.841 psf, and are up $0.015 psf over the last year.