Greg Willett, vice president of research for MPF/Yieldstar inCarrollton, TX, says the Q1 analysis shows a negative absorption of6,490 units and 2,527 completions in the quarter. He estimatesdeliveries this year will hit 14,979. "There is an incredibleamount of building," Willett remarks. "Houston is the Number Oneconstruction market in the country."
Willett adds, the extra units have had an impact on occupancy.As of March, occupancy was 90.9% versus 91.9% in Q1 2007.
The San Francisco-based RealFacts' first-quarter market reviewshows 90.5% occupancy, a 0.7% drop since Q1 2007. Its analysis of a330,323-unit inventory reflected a negative absorption of 817units. RealFacts tabulates apartment complexes of 100 units ormore. Houston-based Apartment Data Services Inc shows occupancy at87.3% in an inventory of 540,073 units.
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