HOUSTON-”The local apartment market is enjoying the direct benefits of strong job creation and restrained new development,” says a report on the Houston apartment market published by Hendricks & Partners. The report notes that by the end of September, employment growth was a strong 2.3% for 2001, creating approximately 49,000 jobs.

The effects of last week’s layoffs by Enron will not likely be assessed in this or other reports until the end of the year.

For the third quarter of 2001, however, the report notes “vacancy rates are continuing to fall as rents make stronger gains across the Houston apartment market.” The third quarter overall average vacancy rate decreased to 7.5% from the 9.5% measured at the same time last year. The report contends that, “newer, more upscale properties are posting the strongest reductions in their vacancy rates, benefiting the most from the deceleration in new construction.”

The Hendricks & Partners report attributes stronger rent growth to these new luxury units as well. The end of the third quarter saw an average rent increase of 6.4%, up from the 2.8% gain posted one year ago. The report puts the average market rent at $602 per unit compared to last year’s $566 per unit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.