Houston Apartment Rent Slows but Still Grows

Rate growth has slowed. The job market has expanded. And Houston traded nearly $10 billion in multifamily properties last year. Just a few highlights from the Yardi Matrix survey released on the Houston apartment market.

On the heels of two robust years, Houston’s multifamily market slowed down to more sustainable levels. Rent gains marked the third-consecutive month of stagnation in January, which is typical for the slower winter season. On a year-over-year basis, rates grew by 4.1 percent, to an average of $1,327, while U.S. figures improved by 5.5 percent, to $1,701.

The job market expanded by 6.2 percent, or 176,300 jobs, in the 12 months ending in November, with leisure and hospitality, along with professional and business services, leading gains.

More than $9.7 billion in multifamily properties traded last year in Houston, and developers completed 17,676 units—most of them in luxury assets.