Lower Oil Prices Lead to Lower Occupancy in Houston Apartments

December 15, 2015

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. 

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