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Axiometrics SVP Predicts 2017 Economic and Multifamily Recovery

HOUSTON—Houston’s apartment market showed few signs of turning around in August, as average rent levels declined again and annual effective rent growth is at a low not seen in more than six years, but this could change, says Axiometrics.

Jay Denton Denton says he expects to see a recovery in Houston next year.

HOUSTON—Houston’s apartment market showed few signs of turning around in August, as average rent levels declined again. In addition, annual effective rent growth is at a low not recorded in more than six years, according to Axiometrics, apartment and student housing market number cruncher.

“Though job gains in education, health care and hospitality somewhat offset the continued job losses in the energy sector, the demand for apartments is just not there,” said Stephanie McCleskey, vice president of research for Axiometrics. “With new properties being completed every month, they just won’t be filled as quickly as we would like to see until job growth picks up.”

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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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