Oil prices are falling, and Houston’s Nova Asset Management is seeing more vacancies in its residences.
The firm manages 6,000 apartment units. One-quarter of them are in the Class B portfolio, which are one-bedroom units for $850 a month, on average. Class B used to see 100 percent leased, but now only 95 percent are leased, as the Houston Chronicle reports.
Class C properties have rents averaging $600 a month, and that segment has seen occupancy rates dip from 100 percent to a little less than 98 percent.