Apartment vacancy rates are climbing across Houston as developers are set to deliver a whopping 23,500 units this year, according to a new report.
Marcus & Millichap Inc. issued its second-quarter multifamily market report, which found that Houston’s apartment vacancy rate has jumped 140 basis points year over year to 8.2 percent. Last year, the vacancy rate climbed 60 basis points. One basis point is equal to one hundredth of one percent.
Click to read more at Houston Business Journal.