ApartmentData.com Survey Shows Hurricane Harvey Has Damaged Fewer Apartments in Greater Houston Than Estimated

70 Percent of Properties Report Fewer than 10,000 Units Damaged


HOUSTON, Sept. 15, 2017 (GLOBE NEWSWIRE) -- ApartmentData.com, a leading marketing and information supplier to the multifamily industry, has been conducting one-on-one interviews with managers at 2,725 apartment properties in Greater Houston to obtain an accurate assessment of the number of units damaged by Hurricane Harvey.

A chart accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e58eb9f5-d8a7-4190-a1d5-c6b0f007aac3

As of Sept. 14, ApartmentData.com surveyed 1,926, or 70.7 percent of those 2,725 properties.

Key survey findings:

  • 166 properties reported damage to 8,956 units, about two percent of the supply of surveyed properties and 1.4 percent of the total supply of apartments
  • The overall average effective rent per month rose by $12 to $996 from $984 pre-Harvey
  • The overall occupancy rate has dropped slightly, to 88.8 percent from 89.1 percent pre-Harvey This rate is based on keeping the damaged units in supply
    • 71,000 units available to rent
  • If the damaged units are not included in supply, then the occupancy rate is 90.1 percent.
    • 63,478 units available to rent
  • Since Harvey, 6,063 units have been leased
  • 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,” McClenny said. “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.

About ApartmentData.com: ApartmentData.com is a leading marketing and information supplier to the multifamily industry. ApartmentData.com collects and packages competitive real-time information that enables multifamily residential property managers to maximize revenues and occupancy; renters and apartment locators to find the ideal rental properties; developers to locate, plan, and design optimized floor plans for new construction and renovations; investors to make better decisions; and vendors to identify the key decision makers. ApartmentData.com has been named to the Inc. 5000 2017 list of Fastest – Growing Private Companies in the U.S. Visit www.apartmentdata.com for more information.

Becky Myers