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Houston's Class-B Apartment Market Booms

Houston House Apartments

The Class-B apartment market in Houston is significantly outperforming the Class-A market, according to a new report from CBRE. Occupancy rates for Class-B apartments have climbed to nearly 95% while Class-A rates have fallen to 86.8%. The surging economy has led to an influx of more than 500k new residents during the past five years. Developers built 48k new Class-A apartments to accommodate them, but a limited supply of affordable apartments and an already tight single-family home market have created a perfect storm for the Class-B market. [HBJ]