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
Giants 400 | Feb 9, 2023
New Giants 400 download: Get the complete at-a-glance 2022 Giants 400 rankings in Excel
See how your architecture, engineering, or construction firm stacks up against the nation's AEC Giants. For more than 45 years, the editors of Building Design+Construction have surveyed the largest AEC firms in the U.S./Canada to create the annual Giants 400 report. This year, a record 519 firms participated in the Giants 400 report. The final report includes 137 rankings across 25 building sectors and specialty categories.
Multifamily Housing | Feb 7, 2023
Multifamily housing rents flat in January, developers remain optimistic
Multifamily rents were flat in January 2023 as a strong jobs report indicated that fears of a significant economic recession may be overblown. U.S. asking rents averaged $1,701, unchanged from the prior month, according to the latest Yardi Matrix National Multifamily Report.
Giants 400 | Feb 6, 2023
2022 Reconstruction Sector Giants: Top architecture, engineering, and construction firms in the U.S. building reconstruction and renovation sector
Gensler, Stantec, IPS, Alfa Tech, STO Building Group, and Turner Construction top BD+C's rankings of the nation's largest reconstruction sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Multifamily Housing | Feb 3, 2023
HUD unveils report to help multifamily housing developers overcome barriers to offsite construction
The U.S. Department of Housing and Urban Development, in partnership with the National Institute of Building Sciences and MOD X, has released the Offsite Construction for Housing: Research Roadmap, a strategic report that presents the key knowledge gaps and research needs to overcome the barriers and challenges to offsite construction.
Multifamily Housing | Feb 2, 2023
St. Louis’s first transit-oriented multifamily development opens in historic Skinker DeBaliviere neighborhood
St. Louis’s first major transit-oriented, multi-family development recently opened with 287 apartments available for rent. The $71 million Expo at Forest Park project includes a network of pathways to accommodate many modes of transportation including ride share, the region’s Metro Transit system, a trolley line, pedestrian traffic, automobiles, and bike traffic on the 7-mile St. Vincent Greenway Trail.
Multifamily Housing | Feb 1, 2023
Step(1) housing: A new approach to sheltering unhoused people in Redwood City, Calif.
A novel solution to homelessness will open soon in Redwood City, Calif. The compact residential campus employs modular units to create individual sleeping units, most with private bathrooms. The 240 units of housing will be accompanied by shared services and community spaces. Instead of the congregate dorm-style shelters found in many U.S. cities, this approach gives each resident a private, lockable, conditioned sleeping space.
Multifamily Housing | Jan 24, 2023
Top 10 cities for downtown living in 2023
Based on cost of living, apartment options, entertainment, safety, and other desirable urban features, StorageCafe finds the top 10 cities for downtown living in 2023.
Multifamily Housing | Jan 23, 2023
Long Beach, Calif., office tower converted to market rate multifamily housing
A project to convert an underperforming mid-century office tower in Long Beach, Calif., created badly needed market rate housing with a significantly lowered carbon footprint. The adaptive reuse project, composed of 203,177 sf including parking, created 106 apartment units out of a Class B office building that had been vacant for about 10 years.
Multifamily Housing | Jan 19, 2023
Chicago multifamily high-rise inspired by industrial infrastructure and L tracks
The recently unveiled design of The Row Fulton Market, a new Chicago high-rise residential building, draws inspiration from industrial infrastructure and L tracks in the historic Fulton Market District neighborhood. The 43-story, 300-unit rental property is in the city’s former meatpacking district, and its glass-and-steel façade reflects the arched support beams of the L tracks.
Multifamily Housing | Jan 19, 2023
Editorial call for Multifamily Affordable Housing project case studies - no cost to submit!
Building Design+Construction will feature a roundup of "Multifamily Affordable Housing" projects on BDCnetwork.com.
