After 2.5 Years Lagging The U.S., Houston Multifamily Rent Growth Is Back

The bottom fell out of rent growth in Houston apartments in May 2015. For years leading up to that point, the Bayou City had been surpassing the national average in apartment rents. But starting with the oil bust of 2014, Houston lost traction, and around the midpoint of 2015, fell below the U.S. in terms of rent growth, Yardi Matrix data shows.

No more. After hitting a trough in May 2017, rent growth has been leaping, and as of February. Houston is back above the 2.7% national average. with a 2.9% year-over-year increase through that month. Hurricane Harvey helped buoy the multifamily market, but it goes deeper, as the rebound began before the storm and has continued as short-term leases for displaced residents have burned off.

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Houston top ten city for mortgage application denials

HOUSTON – Local mortgage applications are denied at a rate of about 9 percent, the ninth-highest out of the 50 cities studied by LendingTree Inc. 

The top reason for mortgage denial in the Bayou City was debt-to-income ratio, which is the share of monthly debt obligations in relation to monthly gross income. According to LendingTree, most lenders want this number to be 43 percent or lower. 

San Antonio was the next Texas city on the list, ranking 18th with just over an 8 percent rate. 

The rest of the top ten are:

  • No. 10 Hartford, Conn., 8.75 percent denial rate;
  • No. 8 Tampa, Fla., 9.12 percent;
  • No. 7 Providence, R.I., 9.31 percent;

Click to read more at www.recenter.tamu.edu

Gulf Island Fabrication expands HQ in Energy Corridor

Gulf Island Fabrication will more than double the size of its headquarters in the Energy Corridor with a lease renewal at One Park 10, Transwestern announced.

The Houston-based manufacturer of steel structures and marine vessels has expanded its current lease of 8,045 square feet to 17,156 square feet, Transwestern said. The company serves the oil and gas, power plant, petrochemical and marine transportation industries.

Click to read more at www.chron.com

New West Houston Business Park Inks First Deal for MAN Diesel & Turbo’s North American Headquarters

The business park at Twinwood, a new west Houstondestination for companies dedicated to research and development, distribution and light manufacturing, has finalized its first agreement to bring MAN Diesel & Turbo’s new North American headquarters to the 650-acre property.  

Located just south of I-10 between Woods Road and FM 1489, the business park at Twinwood is part of a proposed 14,000-acre master-planned community of low, medium and high-density residential along with retail, hospitality, higher education and office.  The property is owned by Houstonbusinessman Putera Sampoerna.

MAN Diesel & Turbo’s new North American headquarters, a 137,434 square-foot build-to-suit owned by Houston-based Welcome Group, will house 105,309 square feet of air-conditioned service shop space and 32,125 square feet of office space.  The Design/Build project by Houston-based KDW is slated to span one year, beginning in the second quarter of 2018.

Click to read more at Manufacturingglobal.com

Agreement Between City and HUD Resolves Fair Housing Findings

The City of Houston and the U.S. Department of Housing and Urban Development today announced a joint agreement designed to expand housing choice and mobility for lower income residents, including those experiencing homelessness and victims of Hurricane Harvey.

This agreement resolves HUD’s previous fair housing findings against the city and outlines city strategies for addressing its affordable housing needs.

Among the provisions of the agreement are a request for HUD technical assistance that will facilitate the city’s ability to ramp up for the influx of federal disaster funds and ensure an equitable recovery for Houston’s most vulnerable residents. Approximately $5 billion in Community Development Block Grant Disaster Recovery funds have already been allocated to the State of Texas for areas impacted by Hurricane Harvey.

Click to read more at www.houstontx.gov

Astrodome renovation plan a win-win

Love it. Hate it.

Tear it down or recreate it.

The decaying, outdated and unused Astrodome is one of Houston’s greatest cultural and architectural landmarks. The fact that $105 million now will be used to renovate the former home of the Astros and Oilers – the money finally greenlighted after years of public arguments and following the destruction from Hurricane Harvey – is also very Houston.

 Harris County commissioners voted unanimously to modernize the much-loved/loathed Dome, approving a multi-stage project that eventually will transform the embarrassing eyesore next to NRG Stadium into a venue that will house conventions, conferences, festivals and more. Of course, the once-brilliant Eighth Wonder of the World also will honor our car-obsessed city with about 1,400 new parking spaces.
 
Read more at Chron.com