News
Oil Industry Slump Leaves Its Mark On Houston Apartment Market
February 29, 2016
Bisnow: Uche Udoh
The drop in oil industry employment is finally impacting apartments in the Houston area. Axiometrics’ latest report shows that Houston apartments were 93.2% occupied in January, 29 bps lower than December and 82 bps lower than the 94% of January 2015. While folks easily make a connection between employment and home purchasing, Axiometrics' research points to one between employment and opting to rent. That’s impacting pricing: Rent growth across the metro has decreased for the seventh straight month, and 12 out of the past 13 months.
