Camden chief says Houston’s apartment market is not as robust as he’d like

Ric Campo, chairman and CEO of the apartment developer Camden Property Trust in Houston, said that this year, the local apartment market was not as good as expected.

He said the country's immigration rate dropped significantly despite job growth and unemployment.

“The unemployment rate is low everywhere,” Campo called at the Friday morning conference to discuss the company's third quarter financial performance with investors. This week, Camden's third-quarter net income was $ 43.6 million (44 cents per share), compared with $ 389 million (40 cents) a year earlier.

Campo said that, thanks to this trend, many new jobs here were filled with people with homes or apartments already living in Houston.

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About 11{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of Camden's portfolio is in Houston, and Campo calls it "the big long-term market."

The Real Estate Investment Trust owns and operates a stake in 165 multi-family properties of 56,271 homes across the United States. Seven properties are under development, including 271 towers in downtown Houston.

Campo said downtown and Green Way Plaza Mayors were "slug fests." The landlord will give you at least 1 month free rent in your area.

"We will definitely be in the same concession market," he said.

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Camden leases 100 units to evade possession. Short term home operator Why Hotel.