Colliers latest release of their quarterly status report of multifamily communities indicated a weaker market between Q4 2021 and Q1 2022. The number of units slowed from 4,098 to 1,708 the quarter ending March 31. In spite of the lessened demand, the average monthly rent for multifamily units increased 2.0% over the quarter.
Occupancy remained steady over the quarter at 91.5% and increased over the year from 88.8%.
Year to year average monthly rent rose 14.6%.
After reaching a historical high in Q4 2021, Houston’s multifamily investment sales volume dropped dramatically over the quarter from 8.6 billion to $1.2 billion. Year to year drop was 17%.
Houston’s median sales price per unit decreased by 5% over the. quarter from $155,720 to $147,897. At the end of the last quarter the average unit price nationwide is $190,614.