HOUSTON-Axiometrics Inc.’s just-released multifamily permitting report noted that, while permitting dipped in June 2013, it remained healthy. The Dallas-based apartment researcher’s numbers also placed the Houston MSA in second place for multifamily permitting for the trailing 12 months ending in June.
The Houston MSA permitted 16,410 units during the 12-month period, while the New York City MSA came in first place at 17,501 units permitted. Also among the top 10 were Dallas (at 11,679 units) and Austin (which permitted 11,483 units).
Axiometrics also noted that, while national apartment market fundamentals continue strong, they are moderating. The annual effective rent growth nationwide measured 3.5%, while the national occupancy rate increased 41 basis points from its level from June 2012.
The report also pointed out that, while uUrban infill locations still account for the bulk of the supply being delivered this year, construction activity is accelerating in some suburbs. The Cith of Houston proper came in on top when it came to multifamily permitting on a trailing 12-month basis, with 9,532 units permitted.
Other top multifamily permitting places were:
- City of Austin; 8,553 units
- City of Los Angeles; 6,065 units
- City of Dallas; 5,698 units
- City of Seattle; 5,536 units
- City of Denver; 5,101 units
- Unincorporated Harris County, TX (Houston MSA); 4,402 units