{"id":1396,"date":"2021-07-26T09:47:19","date_gmt":"2021-07-26T09:47:19","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1396"},"modified":"2024-02-06T11:13:57","modified_gmt":"2024-02-06T11:13:57","slug":"houston-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-summer-2021\/","title":{"rendered":"Houston Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Bayou City Embarks On Recovery Path<\/h3>\n\n\n\n<p>Houston\u2019s multifamily market is faring better than expected, despite having gone through several tests during the past decade. After the 2015-16 oil bust and the impact of Hurricane Harvey in 2017, the ongoing health crisis is yet another challenge for the local economy. However, rent growth on a trailing three-month basis through May was only 20 basis points below the 0.6% national rate, with average rents clocking in at $1,124, $304 less than the U.S. figure.<\/p>\n\n\n\n<p>Unemployment slid to 8.0% in March, while preliminary April data pointed to a 90-basis-point improvement. Houston lost 175,000 jobs, with most of the positions in the construction and tourism sectors. But Texas has fully reopened its economy and the metro is now on the path to recovery. Large infrastructure projects are bound to bring back construction jobs. A $30 billion, multiphase, high-speed railway project between Houston and Dallas is anticipated to break ground later this year, while local developer Midway will soon start work on East River, a $2.5 billion waterfront development.<\/p>\n\n\n\n<p>In the first five months of 2021, multifamily sales amounted to $1.5 billion, for a per-unit price that surpassed the $121,000 mark. Meanwhile, 32,207 units were under construction and 4,576 were delivered. Yardi Matrix expects the average rent in Houston to improve 3.8% in 2021.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1288-MatrixMultifamilyHoustonReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Houston Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bayou City Embarks On Recovery Path Houston\u2019s multifamily market is faring better than expected, despite having gone through several tests during the past decade. After the 2015-16 oil bust and the impact of Hurricane Harvey in 2017, the ongoing health crisis is yet another challenge for the local economy. However, rent growth on a trailing [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[466,221],"class_list":["post-1396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-houston","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Houston Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Houston\u2019s multifamily market continues to improve, with rent growth recovering and deal velocity ramping up.\" \/>\n<meta name=\"robots\" content=\"index, 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