Business

Harvey Helped Struggling Houston Apartment Industry In 2017

But not all landlords benefited equally

Harvey was a “shot in the arm” for Houston’s apartment industry.

Hurricane Harvey took Houston’s apartment market from a glut to a temporary shortage.

At a breakfast at the Hilton Post Oak on Wednesday, ApartmentData.com president Bruce McClenny and other industry leaders discussed the state of the apartment market.

“In many cases, we see rents rise and occupancies go up,” McClenny said. “We estimate there’s about 19,000 people moved into apartments just in a matter of a couple, three months.”

One apartment company that benefited is Veritas Equity Management, which has properties in northwest Houston. CEO John Boriack said after Harvey, they reached full occupancy at some of their four properties.

“We didn’t really get that many Harvey refugees move into our properties,” he said. “But what we saw was our residents, when their lease came up for renewal, they were almost always renewing, because they didn’t want to go find a new apartment in this market.”

This didn’t happen equally across the region.

McClenny said apartments in places that suffered a lot of flooding – like Kingwood and the energy corridor – saw many new renters, as flooded homeowners needed a place to stay.

But many inner-loop properties are still having to offer rent incentives to fill their apartments.

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Florian Martin

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters and the Houston Press Club. Florian is a native of Germany. His studies...

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