February 8, 2021
We are in an unprecedented time and I pray this market update finds you, your family and your business in a stable and healthy condition. The past few weeks have been some of the most tumultuous in American history. I am sure you are tuned into the news and are aware of what has been happening, so I will not go into a recap. Rather, I will go ahead and move into a market recap for the Houston/Great Houston area for the previous 12 months.
As of February, Houston’s new supply pipeline (new construction and planned) accounted for 3.4% of existing inventory which is unchanged from January but down from the 5.1% seen February of 2019. This is below the national average of 9.1%. It is plausible this number will continue to decrease as developers search for more attractive sub-markets outside of the Houston metro area.
For the Houston metro area, the average monthly rate for a 10X10 non-climate unit is $84.00. Year to date monthly rates for 10×10 non-climate units are down -2% while 10X10 climate units are down -5% YTD. Larger 10×20 non-climate units have seen the smallest YTD rate decline at -1%.
In March of 2019, the YTD rate changes were as follows: 1) 10×10 non-climate unit -3%, 2) 10×10 climate units -8% and 3) 10X20 non-climate units -3%.
Below is the latest sales information for reported properties sold within the previous 12 months in the Houston/Greater Houston area.
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