2022 Q4 | Multifamily Market Report | Houston

By: Colliers | Houston
HOUSTON - Feb. 6, 2023 - PRLog -- Key Takeaways
  • Occupancy dropped on a quarterly and annual basis
  • Negative net absorption recorded in Q4, decreasing the total
    2022 net absorption to 4,439 units
  • Average rents rose on a annual basis and fell marginally
    over the quarter

Houston Highlights

Demand for multifamily housing slowed considerably due to negative absorption from Class B and C product (-4,961 and -2,863 units, respectively in 2022). Class A recorded positive absorption (12,424 units in 2022) which helped to counter the Class B and Class C negative absorption. The average monthly rent for multifamily units increased 5.1% annually from $1,189 per month in Q4 2021 to $1,250 per month in Q4 2022. There are more than 20,700 units under construction and another 33,666 units are proposed. Occupancy dropped 90 basis points over the year from 91.5% in Q4 2021 to 90.6% in Q4 2022.

Pricing & Sales Volume

After reaching a historic high of $8.8 billion in Q4 2021, Houston's multifamily investment sales volume dropped dramatically to $2.2 billion in Q1 2022 and has decreased to $1.6 billion in Q4 2022, according to our data provider, Real Capital Analytics.

See the full article here: https://www.colliers.com/en/research/houston/q4-2022-hous...

Crystal Kingsbury
Email:***@colliers.com Email Verified
Industry:Real Estate
Location:Houston - Texas - United States
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