The "bounce" to Houston's rental market of displaced homeowners from Hurricane Harvey "came and went," according to new data from analytics firm RealPage.
Rental occupancy was down 92.9 percent on the year in Houston, versus 94 percent at the end of 2017, when the city ranked first in the nation for leasing. Rent prices were flat, The Houston Chronicle reports. "It's not unusual to eventually give back performance gains realized just after a natural disaster," RealPage chief economist Greg Willett said in a statement. "After this adjustment in market momentum, Houston now is positioned for a return to apartment demand volumes more in tune with economic growth levels."
The supply of new units is also expected to be tempered in coming years, which should support increases in rents and occupancy levels. Developers completed about 7,600 units last year, compared with more than 19,000 units during the two previous years, according to RealPage. About 9,000 units were under construction in December. The average monthly rent in Houston was $1,096 at the end of last year, about $250 less than the national average of $1,353.
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