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Multifamily Performance Continues to Lag

HOUSTON—Until the amount of new supply diminishes and the energy sector starts adding jobs again, Houston’s apartment market likely will be sluggish, with effects of supply relief not expected to kick in until 2018.

Jay Denton Jay Denton says the supply pipeline has slowed tremendously.

HOUSTON—With job growth still at a low point and apartment construction as heavy as ever, performance in the market is continuing to lag. However, there is a bright spot on the horizon, albeit in 2018, says Axiometrics, provider of apartment and student housing market intelligence.

“One sunny spot is that the pace of annual effective rent growth decline leveled out a bit,” says Stephanie McCleskey, vice president of research for Axiometrics. “But until the amount of new supply diminishes and the energy sector starts adding jobs again, Houston’s apartment market will likely be sluggish. And effects of supply relief likely won’t be felt until 2018.”

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Lisa Brown

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.

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