Updated survey information of rental properties in Houston shows around 2 percent of apartments in the metro area were damaged by Hurricane Harvey. Information has not yet been obtained from all properties.
According to the latest information from ApartmentData.com, a leading marketing and information supplier to the multifamily industry and a member of the Texas Apartment Association, the number of apartment units damaged by Hurricane Harvey may be around 2 to 2.4 percent. The company is interviewing managers at 2,725 apartment properties in Greater Houston to obtain an accurate assessment of the number of units damaged by Hurricane Harvey.
As of Sept. 22, ApartmentData.com had surveyed 2,610, or 95.8 percent of those 2,725 properties.
Key survey findings:
- 210 properties reported damage to 14,852 units, about 2.4 percent of the supply of surveyed properties and about 2.3 percent of the total supply of apartments
- The overall average effective rent per month rose by $16 to $1,000 from $984 pre-Harvey
- The overall occupancy rate has dropped, to 88.3 percent from 89.1 percent pre-Harvey This rate is based on keeping the damaged units in supply
- 74,738 units available to rent
- If the damaged units are not included in supply, then the occupancy rate is 90.4 percent.
- 61,311 units available to rent
- Since Harvey, 8,123 units have been leased since September 1
- Prior to Harvey:
- the inventory of 2,725 properties represented 638,603 units
- 70,000 units were available to rent
“As we continue to learn how apartment properties were affected by Harvey, I am surprised by the relatively low number of units damaged,” said Bruce McClenny, with ApartmentData.com. “The most realistic comparison we can make is to Tropical Storm Allison, when we lost five percent of the supply, which was 20,000 units. Harvey was a much larger storm that created flooding across the entire region and we are only seeing about two percent of the supply affected so far. We still have to assess more properties so that percentage is likely to increase,” he added.