Houston’s economy and multifamily market show resilience in disaster’s aftermath
SANTA BARBARA, Calif., Sept. 12, 2017 – Despite the vast human and economic toll of Hurricane Harvey on Houston and surrounding areas, the city’s multifamily fundamentals will remain strong in the storm’s aftermath, according to a report by Yardi Matrix.
View the full report for more information on the impact of Hurricane Harvey and Houston’s anticipated recovery.
Property damage from one of the most expensive natural disasters in U.S. history could top $100 billion, with up to 11% of the city’s multifamily dwellings rendered uninhabitable. Despite that, initial analysis shows that “the damage to multifamily properties was less than what could have been expected given the record rainfall,” according to the report. Furthermore, the report notes that “Harvey’s 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.”
To help connect displaced residents with new temporary or permanent housing, Yardi launched an online housing registry at RentCafe.com/HurricaneHarvey along with a toll-free hotline, (844) 363-6317, that offers housing assistance to evacuees. The site lets housing providers post available units, some with special offers such as waived fees, to residents affected by the hurricane.
Yardi Matrix is a business development and asset management tool for investment professionals, equity investors, lenders, and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self-storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.