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	Marcus &amp; Millichap - Special Report Hurricane Harvey
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                    <h1>Special Report Hurricane Harvey</h1>
                    <h2>September 2017</h2>
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<h3>Harvey&rsquo;s Impact Ripples Through Houston Real Estate Market</h3>
<p><strong>Hurricane Harvey wrought severe damage across the Texas Gulf Coast region and southwest Louisiana. </strong> The severe storm displaced thousands of families as it damaged in excess of 200,000 homes across the region. The hurricane&rsquo;s devastating floods hit the nation&rsquo;s fifth-largest metropolitan area, Houston-The Woodlands-Sugarland, and although the final assessment of damages is likely months away, it is possible that Houston faces many of the challenges Hurricane Katrina created in New Orleans. A wide swath of homes face significant water damage that will be difficult to repair, particularly as less than 20 percent of homeowners have flood insurance in the hardest hit areas. The remaining homeowners will be dependent on private charities and government aid, such as grants from FEMA and low-interest rate loans from the government. When compared with the area affected by Hurricane Katrina, the area hit by Harvey has more than twice as many properties with mortgages and nearly four times the unpaid principal balance. The damages could result in a significant wave of delinquencies as homeowners grapple with the recovery process. This will place a strain on the local and regional housing market as a number of homeowners could walk away from damaged homes.</p>
<p><strong>Displaced residents take shelter in region&rsquo;s hotels and apartments. </strong> Families will be forced to relocate, finding temporary housing options in local and regional hotels and apartments. Normally at this time of the year, hotel occupancies in Houston average 59 percent. Following Katrina, hotel occupancy rates in New Orleans surged to roughly 80 percent for the following seven months. Although local authorities are placing considerable effort to restrain price gouging, it is likely that hotel rates in Houston and the state of Texas will climb and occupancy will surge to its highest level on record. The Texas apartment market will also face a spike in demand. Fortunately, a significant wave of apartment construction has added nearly 80,000 apartments to the Houston metro since 2012. An estimated 55,000 units in Houston were vacant prior to Hurricane Harvey, which will accommodate a significant portion of the households displaced by the storm. Still, available housing will likely fall short of demand. Some residents may look beyond the Houston metro, boosting demand for hotels and apartments in other Texas metros, including Dallas/Fort Worth, Austin and San Antonio.
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                <p>The investment climate entering 2017 has shifted from last year, most markedly following the election of President Trump in November. This event set in motion a rapid rise in interest rates, and opened numerous questions about what investors should expect in fiscal, tax, monetary, trade, immigration and regulatory policies.</p>
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