HUD’s Department of Policy Research & Development has published three more Comprehensive Housing Market Analyses for State College, Pennsylvania; Victoria, Texas; and New Orleans, Louisiana. The reports are published regularly by PR&D for market areas all over America, and provide a summary of the changes in the economic, demographic, and housing inventory characteristics of each specific housing market area, as well as offer projections for a three-year forecast period.
- State College, Pennsylvania has a weak, but recovering economy. The rental market is “tight,” with an overall vacancy rate estimated at 2.5 percent (vacancy rates have been historically tight over the past decade and are driven primarily by the number of PSU students residing in off-campus residences). As of May 2011, average rents were $1,300 for a one-bedroom unit, $2,300 for a two-bedroom unit and $2,700 for a three-bedroom unit.
- In Victoria, Texas, the rental housing market is soft but improving. As of July 1, 2011, the overall rental vacancy rate was estimated at 8.3 percent. The average rent in the HMA was $540. During the next 3 years, demand is expected for 190 new rental units. Currently, 120 rental units are under construction.
- The economy of New Orleans, Louisiana continues to recover from the national recession as well as the effects of Hurricane Katrina in 2005 and the Deepwater Horizon oil spill in 2010. Current rental market conditions are soft but improving, with a 12.8 percent vacancy rate.
