Houston’s multifamily market is showing clear signs of stabilization, with strong leasing momentum from late 2024 carrying into 2025. Nearly 9,000 units were absorbed in the first half of this year, outpacing new deliveries by more than 34%.
Click Here
As of early July 2025, only 12,100 units were under construction, marking the lowest active pipeline in Houston since 2017. Deliveries have also slowed notably, declining 47% in the first quarter and an additional 13% in the second quarter, reflecting a sharp pullback in completions.
Click Here
Despite a 0.3% year-over-year decline in effective rents—the first of this cycle—Houston has remained more resilient than other major Texas markets, where deeper and more prolonged rent declines have taken hold since mid-2023, driven by significantly larger supply pipelines.
Click Here
MARKET OUTLOOK
Houston’s multifamily market is transitioning into a more balanced phase as both demand and supply recalibrate...
