Rental demand softened in Q3 2025, with 2,929 units absorbed, reflecting a broader national slowdown in apartment leasing. However, absorption remained in line with pre-pandemic norms (2015–2019 average of 2,861 units), signaling an ongoing normalization in Houston’s multifamily market.
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Houston’s construction pipeline is rapidly shrinking, with fewer than 1,000 units slated for delivery in Q4 2025 and only 3,500 units expected in 2026, before a modest uptick to around 4,300 units in 2027—levels that remain well below the market’s recent historical norms.
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Annual rent performance was mixed across Houston, with suburban and exurban areas such as Austin County and Liberty County posting positive year-over-year growth, while urban and inner-ring submarkets saw modest rent declines amid ongoing competition and elevated supply.
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MARKET OUTLOOK
The Houston multifamily market is entering a period of gradual stabilization as demand normalizes and new supply begins to taper...
