Apartment leasing activity in Houston picked up measurably over the third quarter as social distancing measures loosened and residents became more comfortable resuming traditional activities despite the ongoing pandemic, reported Transwestern.
As such, metrics across Houston’s multifamily sector received a boost, led by strong positive absorption. More than 5,000 units were absorbed during the period, up more than 150 percent year-over-year. This led to an increase in occupancy of 160 basis points to an average of 89 percent across the Houston metro for all classes of property. Suburban submarkets were responsible for the market growth, with high-rise urban properties seeing modest negative absorption.
Class A apartment occupancy registered a 20 basis point increase to 80.9 percent — still well below the stabilized threshold of 90 percent for the sector. The development pipeline continues to be the largest challenge facing the class of property a
