HUD’s Economic and Market Analysis Division has released Comprehensive Housing Market Analyses for Fort Worth-Arlington, Texas; Houston, Texas; and Reading, Pennsylvania. These 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.
Forth-Worth-Arlington, Texas. The rental housing market in the HMA has been soft since 2002 because of an oversupply of units. The current rental vacancy rate is estimated at 10.3 percent, down from 11.6 percent in April 2010. The current excess vacant units and the 2,075 units currently under construction will likely satisfy rental demand in the near future.
Houston, Texas. The rental housing market in the HMA is soft. The overall rental vacancy rate for the HMA is currently estimated at 10.7 percent, down from 13.4 percent in 2010. The market began to improve during the past year as builders responded to soft market conditions by reducing production levels. During the forecast period, demand for additional units, which is expected only in the Harris County and Remainder submarkets, is estimated at 13,450 units.
Reading, Pennsylvania. The rental market in the HMA is soft because of recent declines in demand as a result of decreased net in-migration and overbuilding in 2007 and 2008. The rental vacancy rate is estimated at 7.0 percent. During the 3-year forecast period, demand is estimated for 230 new rental units.
