{"id":1004190197,"date":"2017-09-12T06:39:26","date_gmt":"2017-09-12T14:39:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190197"},"modified":"2022-12-08T22:18:14","modified_gmt":"2022-12-09T06:18:14","slug":"hurricane-harvey-impact-on-houston-multifamily","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hurricane-harvey-impact-on-houston-multifamily\/","title":{"rendered":"Hurricane Harvey: Impact on Houston Multifamily"},"content":{"rendered":"<p><em>By Paul Fiorilla <\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004190214\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hurricane-harvey-impact-on-houston-multifamily\/harvey-report\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"harvey report\" data-image-description=\"&lt;p&gt;Hurricane Harvey: Impact on Houston Multifamily&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg?w=800\" class=\"alignright wp-image-1004190214 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg\" alt=\"Hurricane Harvey: Impact on Houston Multifamily\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/harvey-report.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Hurricane Harvey slammed into Houston on August 25 and dropped more than 50 inches of rain over the next few days, producing a swath of flooding in low-lying developments and areas near rivers, lakes and reservoirs. The flooding damaged tens of thousands of single-family residences and apartments, commercial properties, vehicles and infrastructure. The storm might end up as the most expensive natural disaster in U.S. history, with property damage estimates upwards of $100 billion.<\/p>\n<p>Although a full assessment of Harvey\u2019s impact on commercial real estate will take many weeks or even months, an initial analysis by Yardi Matrix found that the damage to multifamily properties was less than what could have transpired given the record rainfall. Further, Harvey\u2019s aftereffects will provide a boost to fundamentals in the short term, as demand for living space from residents displaced by the storm will boost multifamily occupancies. Our findings include:<\/p>\n<ul>\n<li>Houston\u2019s multifamily universe consists of 616,000 units, roughly 157,000 of which are in areas identified as flood zones. Damage to units in flood zones was much higher than in non-flood zones.<\/li>\n<li>We estimate that between 45,000 and 72,000 units\u2014or 7-11 percent of the multifamily universe\u2014were rendered uninhabitable.<\/li>\n<li>Apartment fundamentals in Houston, which have been the worst in the nation over the past 18 months, will improve dramatically in the near term. Houston\u2019s pre-Harvey occupancy rate of 93.1 percent is the lowest among major metros, and rent growth has been negative for the last 12 months.<\/li>\n<li>We expect the occupancy rate to rise sharply and rent growth to turn moderately positive in the near term.<\/li>\n<\/ul>\n<p><em>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/288-HurricaneHarveySpecialReport(PDF)\" target=\"_blank\" rel=\"noopener noreferrer\">Hurricane Harvey Special Report<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An initial analysis by Yardi Matrix found that between 45,000 and 72,000 units\u2014or 7 to 11 percent of the multifamily universe\u2014were rendered uninhabitable.<\/p>\n","protected":false},"author":463,"featured_media":1004190228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1589,21742],"tags":[],"class_list":["post-1004190197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-houston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He previously served as a vice president of research at Prudential Real Estate Investors in Madison, N.J., where he oversaw publishing of outlooks and thought leadership research. 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