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March 6, 2017 Comments Off on NGKF: Multifamily Looking Up Views: 142 Houston-Galveston, Texas News

NGKF: Multifamily Looking Up

Houston’s apartment market experienced negative effective rent growth since late 2015, due to the slippage in oil prices combined with a massive amount of new deliveries. According to Newmark Grubb Knight Frank, the market has reached its bottom, and is on its way up, at least from an investment point of view.

According to the brokerage’s  “Multihousing Market: The Season of New Beginnings” report for February 2017, the construction pipeline, which has been pretty active in recent years, is starting to slow. Delivery volume in 2017 is anticipated to drop 18% from where it was in 2016. In addition, “Nearly 88% of this year’s completions are expected to deliver in the first half of 2017, giving the market the second half of the year to begin the path to equilibrium,” the report noted.

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