- Aug. 10, 2021
-- Key Takeaways
- Occupancy up quarter over quarter and annually
- Absorption increased quarterly and annually
- Average rents rose over the year and over the quarter
- Supply decreased over the quarter
The Houston-The Woodlands-Sugar Land, TX MSA population is 7.2 million which has grown 7.5% over the last five years. The population is forecasted to grow 7.6% between 2020 and 2025. Job growth is positive increasing by 4.8% between June 2020 and June 2021. The unemployment rate is low at 6.6%. Houston's single family home sales increased 13.6% year over year, pushing home prices to record levels. This in turn has boosted the multifamily market, pushing occupancy from 88.4% in Q2 2020 to 90.7% in Q2 2021. The average monthly rent for multifamily units increased from $1,047 to $1,116 per month, a 7% annual increase. Demand tripled between quarters, with over 15,800 units absorbed in Q2 compared to almost 4,800 in Q1. There are over 16,000 units under construction and another 28,000 units are proposed.Pricing & Sales Volume
Houston's multifamily investment sales volume increased 18.4% over the quarter between Q1 2021 and Q2 2021 according to our data provider, Real Capital Analytics. When comparing Houston to the U.S., the... To read the full report, click here: https://www.colliers.com/en/research/houston/q2-2021-hous...