Multifamily Occupancy Up Sharply in Downtown Houston
HOUSTON – (Realty News Report) – Downtown Houston has more than 8,000 residents, up from 3,800 in 2012 when the city began its Downtown Living Initiative, according to a new report by the Central Houston organization.
The multifamily market in Downtown Houston registered an 11 percent gain in occupancy over the last year, hitting 70 percent occupancy, said Central Houston.
Some 600 units are under construction, including the 271-unit $132 million high-rise project by Camden and the $54 million 229-unit Regalia at the Park by DLC Residential at 100 Crawford. Another 1,179 units are proposed in downtown.
Multifamily construction is picking up again across Houston. Thirty-eight apartment communities, with a total of 10,207 units are under construction currently. Another 65 multifamily projects, with 18,238 units are proposed, according to Transwestern’s second quarter report.
The citywide occupancy rate is 89,9 percent, Transwestern reported.
Aug. 6, 2018 Realty News Report Copyright 2018