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
Multifamily Housing | Jun 21, 2022
Two birds, one solution: Can we solve urban last-mile distribution and housing challenges at the same time?
When it comes to the development of both multifamily housing and last-mile distribution centers, particularly in metropolitan environments, each presents its own series of challenges and hurdles. One solution: single-use structures.
Sponsored | HVAC | Jun 14, 2022
Healing the urban fabric: The surprising impact of MagicPak HVAC
The Legends at Berry active adult housing complex in St. Paul, Minnesota helped transform a former industrial site into a thriving residential campus. MagicPak All-in-One® HVAC Systems provided the energy-efficient heating needed to handle extreme Minnesota winters while enabling architects to create an inviting home environment—and even qualify for additional funding incentives.
Multifamily Housing | Jun 9, 2022
Cityview's Adam Perry on multifamily housing innovation in the Western U.S.
Adam Perry, SVP of Development and Construction Management with developer Cityview, chats with Multifamily Design+Construction Editor Rob Cassidy about the latest design and construction innovations for multifamily housing in the West.
Hotel Facilities | May 31, 2022
Checking out: Tips for converting hotels to housing
Many building owners are considering repositioning their hotels into another property type, such as senior living communities and rental apartments. Here's advice for getting started.
Multifamily Housing | May 25, 2022
9 noteworthy multifamily developments to debut in 2022
A 1980s-era shopping mall turned mixed-use housing and a mid-rise multifamily tower with unusual rowhomes highlight the innovative multifamily developments to debut recently.
Sponsored | Multifamily Housing | May 23, 2022
An Integrated WRB Sheathing System Offers Big Benefits at Big Haus
Legislation | May 20, 2022
Arlington County, Virginia may legalize multifamily housing countywide
Arlington County, Va., a Washington, D.C.-area community, is considering proposed legislation that would remove zoning restrictions on multifamily housing up to eight units in size.
