HOUSTON-The region’s multifamily market more than doubled its absorption in the past year, according to a recently released, second-quarter analysis. The 3,823-unit absorption, up from 1,665 units a year ago, is the highest it’s been since 2001.

The research team reports the level of absorption is especially impressive given the amount of apartments that have hit the market this year in the 473,000-unit inventory, says Leslie Countryman, a market analyst with O’Connor & Associates in Houston. To date, 26 complexes with 6,506 units have come online and an additional 43 developments with 9,942 units are under construction. Of those complexes, 16 are tax-credit projects, she says.

“Absorption will continue to be positive as long as the tax-credit projects are strong,” Countryman tells GlobeSt.com. “Class A apartments have been consistently strong so it really depends on class B.” The class A market absorbed 2,305 units in Q2. Demand was strongest in the Far West and Champions East submarkets, which absorbed 718 and 310 units, respectively.

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