ApartmentData.com, a leading marketing and information supplier to the multifamily industry, has been conducting one-on-one interviews with managers at 2,725 apartment properties in Greater Houston to obtain an accurate assessment of the number of units damaged by Hurricane Harvey. (See accompanying chart of properties that were assessed for this report.)
As of Sept. 14, ApartmentData.com surveyed 1,926, or 70.7% of those 2,725 properties.
Key survey findings:
• 166 properties reported damage to 8,956 units, about 2% of the supply of surveyed properties and 1.4% of the total supply of apartments
• The overall average effective rent per month rose by $12 to $996 from $984 pre-Harvey
• The overall occupancy rate has dropped slightly, to 88.8% from 89.1% pre-Harvey This rate is based on keeping the damaged units in supply. 71,000 units available to rent
• If the damaged units are not included in supply, then the occupancy rate is 90.1 percent. 63,478 units available to rent
• Since Harvey, 6,063 units have been leased
• Prior to Harvey: the inventory of 2,725 properties represented 638,603 units, 70,000 units were available to rent
“As we continue to learn how apartment properties were affected by Harvey, I am surprised by the relatively low number of units damaged,” said Bruce McClenny, President, ApartmentData.com. “The most realistic comparison we can make is to Tropical Storm Allison, when we lost 5% of the supply, which was 20,000 units. Harvey was a much larger storm that created flooding across the entire region and we are only seeing about 2% of the supply affected so far. We still have to assess more properties so that percentage is likely to increase,” he added.
Related Stories
| Oct 13, 2010
Apartment complex will offer affordable green housing
Urban Housing Communities, KTGY Group, and the City of Big Bear Lake (Calif.) Improvement Agency are collaborating on The Crossings at Big Bear Lake, the first apartment complex in the city to offer residents affordable, eco-friendly homes. KTGY designed 28 two-bedroom, two-story townhomes and 14 three-bedroom, single-story flats, averaging 1,100 sf each.
| Oct 13, 2010
Residences bring students, faculty together in the Middle East
A new residence complex is in design for United Arab Emirates University in Al Ain, UAE, near Abu Dhabi. Plans for the 120-acre mixed-use development include 710 clustered townhomes and apartments for students and faculty and common areas for community activities.
| Oct 13, 2010
Community center under way in NYC seeks LEED Platinum
A curving, 550-foot-long glass arcade dubbed the “Wall of Light” is the standout architectural and sustainable feature of the Battery Park City Community Center, a 60,000-sf complex located in a two-tower residential Lower Manhattan complex. Hanrahan Meyers Architects designed the glass arcade to act as a passive energy system, bringing natural light into all interior spaces.
| Oct 12, 2010
The Watch Factory, Waltham, Mass.
27th Annual Reconstruction Awards — Gold Award. When the Boston Watch Company opened its factory in 1854 on the banks of the Charles River in Waltham, Mass., the area was far enough away from the dust, dirt, and grime of Boston to safely assemble delicate watch parts.
| Sep 13, 2010
Richmond living/learning complex targets LEED Silver
The 162,000-sf living/learning complex includes a residence hall with 122 units for 459 students with a study center on the ground level and communal and study spaces on each of the residential levels. The project is targeting LEED Silver.
| Sep 13, 2010
Committed to the Core
How a forward-looking city government, a growth-minded university, a developer with vision, and a determined Building Team are breathing life into downtown Phoenix.
| Aug 11, 2010
Brown Craig Turner opens senior living studio
Baltimore-based architecture and design firm Brown Craig Turner has significantly expanded its housing design capabilities and expertise with the launch of its new senior living studio.
| Aug 11, 2010
CTBUH changes height criteria; Burj Dubai height increases, others decrease
The Council on Tall Buildings and Urban Habitat (CTBUH)—the international body that arbitrates on tall building height and determines the title of “The World’s Tallest Building”—has announced a change to its height criteria, as a reflection of recent developments with several super-tall buildings.
| Aug 11, 2010
Morphosis builds 'floating' house for Brad Pitt's Make It Right New Orleans foundation
Morphosis Architects, under the direction of renowned architect and UCLA professor Thom Mayne, has completed the first floating house permitted in the U.S. for Brad Pitt’s Make It Right Foundation in New Orleans.The FLOAT House is a new model for flood-safe, affordable, and sustainable housing that is designed to float securely with rising water levels.
