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Bruce McClenny is back with his market report. Learn how Hurricane Harvey shook things up for the Houston apartment market. By

BRUCE MCCLENNY, ApartmentData.com

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porting events and weather made 2017 in Houston a very unusual year. The year began with preparations for hosting Super Bowl LI. According to Rockport Analytics, this event generated a net impact of $347 million for the local economy. In the fall, the Astros won the World Series for the first time in franchise history! From the home games, economic spending of $20 to $30 million was circulated through the economy, said Patrick Jankowski, senior vice president of research for the Greater Houston Partnership. The playoff run and the World Series also contributed in another way much more important than the economic impact. It provided an emotional escape for Houstonians recovering from the devastation of Hurricane Harvey, which hit Houston the last week of August. Economically speaking, Harvey spread $97 billion worth of damage across the Houston metro, according to Moody Analytics. Since Harvey was a rain event more than a wind event, fortunately the enormity of damage was lessened. To this point, CBRE reported that only 40 of the area’s 1,200 office buildings suffered damage, which represents 3.3 percent of the office inventory. Apartments followed suit in terms of a less than expected damage experience. We at ApartmentData.com surveyed 2,681 or 98.4 percent of the 2,725 metro-area properties during September and found 215 properties reported damage of 15,662 units out of the total 638,603 units. In other words, 2.5 percent of the metro-area’s apartment inventory reported damaged or down units. Homeowners suffered the most damage, as derived from reports filed with TXDPS indicating that Harvey damaged 72,000 single-family homes in metro Houston. This level of damage represents 4.8 percent of the 1.5 million single-family homes in the area.

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ABODE

February 2018

www.haaonline.org

ABODE February 2018  

Brought to you by Camp Construction Services. Sporting events and weather made 2017 in Houston a very unusual year. Learn how the Houston ma...

ABODE February 2018  

Brought to you by Camp Construction Services. Sporting events and weather made 2017 in Houston a very unusual year. Learn how the Houston ma...

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