Houston Pegged for Modest Multifamily Rent Growth

Houston Pegged for Modest Multifamily Rent Growth
News| April 29, 2025| Mike Boyd
Texas + Apartment Buildings

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.

Other News

Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use

California & West + Apartment Buildings

Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...

Learn more

Logisco Launches $60M Quebec Rental Project With New Brand

Canada + Apartment Buildings

Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...

Learn more

Virtus Buys Hamilton Retirement Residence For $26M

Canada + Senior Housing

Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up