Report says apartment market has plenty more growing to do (Houston Chronicle)

Photo Courtesy of Houston Chronicle

Photo Courtesy of Houston Chronicle

By Nancy Sarnoff
Apartment builders are in development overdrive across the Houston area, fueling a construction boom with more than 12,000 units expected to be completed this year. That’s 40 percent more than 2013, a report shows.

But even as supply swells, it is only a small percentage of the local apartment stock and still well below the 2006 peak when 20,000 units opened, according to a second-quarter multi-family report from Marcus & Millichap, a commercial real estate firm. The Downtown/West Inner Loop area will account for the greatest share of this year’s new supply, as demand for inner-city living grows and housing prices continue to soar.

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