Houston Apartment Rentals Rise On New Arrivals, Tight Home Loan Market
by: Andrew Schneider, November 2, 2011 5:11:28 am
Real estate research firm O’Connor & Associates is reporting occupancy rates for Houston apartments reached 88.4% in September, an increase of 1.25% from a year earlier.
Carlos Bujosa, chairman of the Houston Association of Realtors, says the increase in rentals reflects the difficulty would-be homeowners face in getting a loan. He says it also points to how much worse the situation is elsewhere.
“There are quite a few people moving into the city of Houston seeking employment, and a lot of those people — possibly they might own a home in the market that they’re coming from that they can’t sell, because the markets in a lot of other parts of the country are just not anywhere near as strong as the market here in Houston or in Texas.”
O’Connor & Associates says more than 7,100 apartment units are in the construction pipeline for Houston, 21% of which are now pre-leasing.