(Read more on the multifamily market.)
HOUSTON-First-quarter numbers in the region's multifamily marketseem to be at odds. Local reports put occupancy down slightly yetrents are on the rise.According to statistics from ALN, occupancywas 88% at the first quarter's close, down 3.6% from Q1 2006. InM/PF YieldStar's latest report, occupancy was 91.9% area-wide, also2% lower than a year ago. The region's inventory is 473,028units.
Local multi-housing experts aren't concerned about the drop. Forone thing, the so-called "Katrina factor," involving people movingfrom New Orleans in the wake of Hurricane Katrina is no longer anissue when it comes to occupancy--and hasn't been for awhile. "Ifthere's a Katrina factor left, it's in the Cs," says CraigLaFollette, executive vice president for CB Richard Ellis Inc. inHouston.
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