Sheffield Square in Houston was one of the properties included in the 4,568-unit portfolio sale.
HOUSTON — Houston has experienced substantial improvement in multifamily fundamentals this year, according to Marcus & Millichap’s Fourth Quarter 2011 Apartment Research Market Report. Employment, vacancy, rents and sales transactions have risen, although the construction market is still lagging. Overall, Houston is poised to enter 2012 in a strong position.
Houston led the nation in employment growth through the first three quarters of this year, adding a total of 65,300 jobs. It is projected to add more than 87,000 positions total in 2011. Contributing to hire employment numbers are companies such as Burns & McDonnell Engineering Co., which will hire 100 new employees during the next 18 months.
The apartment vacancy rate in Houston dropped to 9.2 percent during the third quarter and it is projected to reach 8.8 percent in the fourth quarter, which would be an improvement of 200 basis points compared to last year. Growing employment in Houston should help vacancy continue to fall during the coming year.
Rents are also on the rise. Asking rents in metro Houston in the third quarter rose to… Read more…