Around town, Houston’s apartments are close to 90 percent full, while some submarkets are up to 95 percent full, according to data from real estate firm Berkadia.
Houston’s overall average 89.9 percent occupancy is a jump of 100 basis points compared to the year before.
The higher occupancy rates has led to higher rents around town, with the average monthly rent rising 5 percent in the past year to $1,031 in June 2018.
Downtown’s 78.5 percent occupancy was up from 63.2 percent the year before.
The submarket also had the highest monthly rent average, reaching $2,031 by the end of the second quarter.
Downtown’s inventory grew 9.3 percent annually, adding a total of 5,952 units.
The report credited United Airlines’ new office that moved 1,400 employees downtown as a possible contributing factor to the submarket’s occupancy rate bump.
