MARKET SNAPSHOT

HOUSTON Q2 2026

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AVERAGE RENT

$1,307 Q2 2026

OCCUPANCY RATE

88.7% Q2 2026

NET ABSORPTION

9,307 T4Q

ANNUAL RENT CHANGE

-2.3% Q2 2026

ANNUAL OCCUPANCY CHANGE

-100 BPS

COMPLETIONS

16,210 T4Q

KEY TAKEAWAYS

Trailing 12-month deliveries of 16,210 units have outpaced absorption of 9,307 units, despite Q2’s absorption of 5,920 units which nearly triples Q1 absorption, signaling strengthening demand momentum as the supply cycle moves past peak.

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The construction pipeline is contracting meaningfully, with trailing 12-month starts declining to 7,658 units and 11,461 units remaining under construction (1.5% of inventory), positioning the market for reduced delivery pressure through 2027.

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Effective rents have declined 2.3% year-over-year to $1,307, the smallest decline among Texas' major metros, while stabilized occupancy of 88.7% reflects a 100 basis point annual decline.

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MARKET OUTLOOK

Houston's multifamily market is past the peak of its supply cycle but has not yet turned the corner on fundamentals. With 11,461 units under construction (1.5% of inventory)...

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