When Hurricane Harvey dumped 33 trillion gallons of water onto Houston last year, the city shifted its focus from economic growth to recovery. The hurricane caused $125B in damages, second only to Hurricane Katrina.
The 1,000-year flood event occurred in the midst of a softening apartment rental market and the worst downturn in the energy sector in 30 years. A major industry for employment in the area, oil and gas companies lost roughly 118,000 jobs between 2015 and 2016.
While Houstonians are still picking up the pieces from the storm, housing trends are on the upswing. The rebound of the multifamily market, increasing employment and renewed growth in the energy sector have drawn professionals to the area, and the need for more housing has created opportunities for multifamily lenders and investors. In particular, acquisitions of Class-B and C multifamily assets are on the rise, filling the widened gap in affordable housing caused by the storm, Hunt Real Estate Capital Vice President Tony Talamas said. Read more at: www.bisnow.com