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Houston Pegged for Modest Multifamily Rent Growth
A balance between supply and demand kept the average advertised in Houston asking rents flat three months through January, at $1,364. Should market conditions hold, Yardi Matrix expects year-over-year rent growth to be 2.2 percent for 2025. The metro’s average overall occupancy rate in stabilized properties remained flat year-over-year through January, at 92.6 percent.
Employment growth in Houston stood at 2.1 percent year-over-year through November, 80 basis points above the U.S. figure. Unemployment stood at 4.1 percent as of December, mirroring the national figure, according to preliminary data from the Bureau of Labor Statistics. Oneok and MPLX are investing $1.8 billion to build a 400,000-barrel-per-day LPG export terminal in Texas City, Texas, which will benefit Houston’s main industry.
Developers added 20,355 units to the market last year. Supply dynamics remained healthy, surpassing the average of 17,000 units added annually from 2017 to 2024.
- ◦Economy
