HOUSTON – The Houston apartment market, where 23,000 new units will be delivered in 2016, is getting softer, according to Camden Property Trust, a Houston-based apartment REIT with major multifamily holdings in the city.
“We do expect further weakening in Houston in the fourth quarter,” said Camden President Keith Oden, in a conference call last week with securities analysts. “In recent weeks, many lease up communities in Houston have moved from two months free rent to three months free rent.”
Oden said Houston will add 10,000 to 20,000 new jobs in 2016 and supply of new units will out-pace demand. Deliveries of new units are surging in the third and fourth quarter, just as tenant traffic decreases, Oden said.
Nov. 4, 2016 Realty News Report Copyright 2016