Lower Oil Prices Lead to Lower Occupancy in Houston Apartments

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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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