July 20, 2017 Comments Off on Single-Family Permits Outpacing Multifamily Views: 945 Texas News, Top Texas

Single-Family Permits Outpacing Multifamily

From 2010 to 2015, more permits were issued for apartment buildings in Texas than for single-family homes. However, that trend has changed in the past couple of years, as single-family unit permits have been outstripping the issue of multifamily unit permits.

Part of the reason has been the growing demand for single-family units in places such as North Texas. Another reason, according to James P. Gaines, chief economist at the Real Estate Center at Texas A&M University, is because the market is working off the excess supply of apartments that built up over the past few years.

“The multifamily market is showing some signs of slowdown, as more landlords report concessions and inability to increase rents, along with slightly higher vacancies,” Gaines told the Houston Chronicle. Also impacting the multifamily market, especially in Houston, has been the energy downturn, he added.

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