How Did Rockstar Measure Up at HAA’s State of The Industry Breakfast?
The apartment industry has had a lot of ups and downs over the years from hurricane Harvey to the fracking crisis of 2016, our industry has faced a lot of challenges. The apartment industry is on its way from recession to recovery, how are we going to get there and how does Rockstar compare to the industry standard?
Houston has been seeing moderate growth over the nine-county area it encompasses. With this will come an estimated 42,300 additional jobs market wide. Reliable industries like health care, government, construction and transportation continue to grow steadily, ensuring that Houston’s economy is far from peril. A community wide investment in the growth of the innovation sector would all but guarantee rapid economic growth for Houston. While oil and gas are currently in a lull, it would be unwise to write them off completely when it comes to considering market wide growth.
The apartment industry started at a low point in January of 2017, but since then has seen a $26 rent rate growth per year. Outside forces have had a huge effect on the Houston economy in recent years and this effect is reflected in rent prices and occupancy percentages. With the market average occupancy sitting at 89.8%, while Rockstar’s portfolio sits well above the average at 94%. With B and C communities taking up 70% of the Houston market, A class properties are seeing some trouble with concessions, which are bringing down their rent prices by 4.2%.
Among all of the numbers and statistics, how is Rockstar differentiating themselves and putting themselves above all the noise? Other than maintaining a higher average occupancy than the current market standard, Rockstar is doing something many others have been slow to adopt. At Rockstar we strive to connect with our residents and potential residents where they are looking the most, online. We want to be sure our message and Rockstar culture is known to them before and while they are renting. Our utilization of social media to show everyone our company culture and property standards aids us in the high occupancy rates and ORA Elite 1% rankings on multiple properties.
With all the news about the status of the market, Rockstar was reaffirmed in their belief of creating value for our residents and ensuring that potential residents know about what we can offer them via online outreach. We can’t wait to see everyone again next year!