Houston Multifamily Market Report| Quarter 2 | 2022

HOUSTON - July 29, 2022 - PRLog -- Key Takeaways

• Occupancy remained at 91.4%
• Absorption increased 72% over the quarter
• Average rents rose over the year and over the quarter
• The quarterly median sales price and cap rates dropped

Houston Highlights

Demand for multifamily housing increased between quarters recording 3,185 units of net absorption compared to 1,853 the previous quarter. The average monthly rent for multifamily units increased 3.0% over the quarter from $1,212 per month in Q1 2022 to $1,248 per month in Q2 2022. There are over 15,000 units under construction and another 35,200 units are proposed. Occupancy remained steady over the quarter at 91.4% and increased over the year from 90.6% in Q2 2021 to 91.4% in Q2 2022.

Market Fundamentals

Houston's overall occupancy rate increased 80 basis points over the year. The average monthly rent rose 5.1% from $1,188 in Q2 2021 to $1,248 in Q2 2022.

Pricing & Sales Volume

After reaching a historical high in Q4 2021, Houston's multifamily investment sales volume dropped dramatically over the first half of 2022 from $8.6 billion to $3.2 billion in Q2 2022. However, sales volume increased 37% on an annual basis between Q2 2021 to Q2 2022 according to our data provider...To read the full report click here: https://www.colliers.com/en/research/houston/q2-2022-hous...