It’s been a tough year for the U.S. economy, although Houston apartments are bucking trends and seeing positive absorption. To find out what’s going on with fall occupancy and rental rates, see Bruce McClenny’s report from the November issue of ABODE, available to members for download online now at www.haaonline.org and mailing this week. Here is an excerpt from his report:
“The Houston apartment market is an enigma wrapped in a conundrum. But what could be so puzzling about the market? After all, it is a certainty that a global economic recession is well under way, and the Houston economy has not been spared from participating. As of the end of August, the Bureau of Labor Statistics reported that the Houston-Sugar Land-Baytown metro area had lost 95,100 jobs over the past 12 months, which equates to a -3.6 percent rate of decline. Job growth (or the lack of it) is a metric that the industry has come to rely on to predict demand for apartments. When job growth is positive, demand for apartments follows with positive absorption, and the converse generally holds true. Continue reading
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