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.

For More Information: 

Click to read at www.friedmanrealestate.com 

Back to REDNews.com

Latest debate about merits, demerits of CodeNext hits usual points

Low-key input marked the first of two public hearings about Austin’s most contentious political issue, CodeNext, as it moves closer to a vote before the City Council.

The comprehensive re-write of Austin’s land use rules and regulations aims to allow more density along major city corridors, and it details how the city will be able to grow in the future. Its various drafts have pitted urbanists advocating for more housing stock and a more walkable, bikeable city against neighborhood interests fighting against redevelopment of beloved areas of the city.

Click to read more at www.mystatesman.com

Texas Landlords Can Seize Property From Commercial Tenants Who Don’t Pay Rent

If you’re a renter in Texas and you fail to pay your rent, your landlord may have the legal right to enter your home and take your belongings. The clause, called a landlord’s lien, is standard language in many residential leases, but it can also apply to stores and restaurants that fall behind on rent.

 
“My job and the way I see it is, I’m making decisions like a landlord and how it’s going to affect the bottom line,” says Ricks, AMLI’s vice president of retail asset management.
 
Click to read more at kut.org

Frisco’s $2 billion Wade Park project dodges foreclosure again

For a second consecutive month, lenders have opted not to foreclose on Frisco’s troubled Wade Park development.

Two lenders — New York-based Gamma Real Estate and Bamcap Partners of Farmers Branch — have been seeking repayment of more than $130 million in debt on the mixed-use project at the Dallas North Tollway and Lebanon Drive.

In February, the lenders declared the 4-year-old mixed-use project in default of loans and scheduled a forced sale.

Click here to read more.

Monthly Review of the Texas Economy

The Texas economy continues to outpace the U.S. economy in job creation. The state gained 285,200 nonagricultural jobs from February 2017 to February 2018, an annual growth rate of 2.3 percent, higher than the nation’s employment growth rate of 1.6 percent (Table 1 and Figure 1). The nongovernment sector added 283,500 jobs, an annual growth rate of 2.8 percent, also higher than the nation’s employment growth rate of 1.8 percent in the private sector

Click here to read more.

Industrial Continues to Sizzle in 2018

It was a good year for commercial real estate’s industrial sector in 2017, and 2018 is expected to bring more of the same, according to Integra Realty Resources’ new 2018 Viewpoint Industrial Report.

“Industrial, without a doubt, stands head-and-shoulders above the other commercial property types as we enter 2018,” according to Hugh Kelly, the economist who partnered with Integra Realty Resources on the report. “A multi-year pattern of double-digit total returns, coupled with absorption rates exceeding the pace of new development, have bolstered occupancy levels and rent growth in the majority of U.S. markets.”

The numbers paint quite a positive picture. An increase of 2.64 percent in market rents is anticipated for the warehouse/manufacturing facilities in 2018, and the flex properties are expected to see an increase of 2.25 percent. Looking at individual cities, Cleveland, Hartford, Naples and Seattle are on track to experience a 5 percent—or more—rent growth this year.

Click to read more at www.cpexecutive.com