HOUSTON, July 20 (Xinhua) -- Demand for apartments in the Houston area outstripped the supply of new units delivered in the first half of 2017, a real estate firm report published Thursday.
Renters newly occupied 11,636 apartment units in the first half of 2017, compared with 9,620 units completed during the period, according to a midyear report by commercial real estate firm Berkadia.
Demand during the first six months of the year in Houston area was more than double the 4,474 units absorbed in all of 2016. Job growth of 1.7 percent contributed to the need for renting apartments, local media Houston Chronicle quoted the report as saying.
Midyear occupancy rose slightly from year end to 88.9 percent, but was below the 89.5 percent level a year ago.
The pace of building is winding down. Developers are projected to complete about 17,400 units over the next several years.