Houston's apartment vacancy rate was among the highest in the nation before Hurricane Harvey, after the storm's destruction many of those homes will likely be put to good use.
With the destruction of Hurricane Harvey, Houston Chronicle reporter Katherine Feser points out the city is lucky to have so much slack in its apartment market. The city's apartment vacancy rate is 7.1% near the highest in the nation. "There's no precedent for the sheer number of people who will need housing, but Houston accommodated many Katrina evacuees in 2005," Feser writes.
For many displaced after the storm, apartments will be a logical choice. "[T]hey're typically more flexible on their lease terms and have properties ready for immediate move in, said Amy Bernstein, broker/owner of Bernstein Realty. Residents also want to be near their homes while repairs are underway, and apartments offer more options," Feser reports.
FULL STORY: Houston's apartment surplus will come in handy after Harvey
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