MARKET SNAPSHOT

HOUSTON Q1 2025

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AVERAGE RENT

$1,358 Q1 2025

OCCUPANCY RATE

90.2% Q1 2025

QUARTERLY NET ABSORPTION

3,885 Q1 2025

ANNUAL RENT CHANGE

0.6% Q1 2025

ANNUAL OCCUPANCY CHANGE

-40 BPS Q1 2025

QUARTERLY COMPLETIONS

3,544 Q1 2025

KEY TAKEAWAYS

Renter demand is strong, with absorption up nearly 80% year-over-year and Q1 2025 marking the first time since 2021 that demand outpaced new supply, led by both luxury and mid-tier properties.

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Construction is slowing, with just 11,800 units underway, the lowest level since 2018. Future supply pressure is expected to ease, especially outside the urban core.

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Rent growth remains subdued but stable, with Houston outperforming other Texas markets. Occupancy has stabilized around 90%, and mid-tier assets continue to lead performance.

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MARKET OUTLOOK

Although Houston’s multifamily market has experienced significant fluctuations in recent years, its long-term growth drivers remain firmly in place...

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