{"id":5437,"date":"2023-01-17T11:34:00","date_gmt":"2023-01-17T11:34:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5437"},"modified":"2023-09-13T04:39:35","modified_gmt":"2023-09-13T04:39:35","slug":"houston-multifamily-market-report-december-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-december-2022\/","title":{"rendered":"Houston Multifamily Market Report \u2013 December 2022"},"content":{"rendered":"<h2>Houston\u2019s Fundamentals Stay Solid<\/h2>\n<p>Houston\u2019s rental sector showed resilience, <strong>boosted by the recovery of jobs<\/strong> lost during the pandemic. Although the economy posted a <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-july-2022\/\">slower expansion in 2022<\/a><\/strong>, it moved steadily upward. The multifamily market presented a similar sturdiness\u2014increased transaction activity, robust supply additions and steady rent gains. Rent growth and occupancy rates showed signs of moderation, with rates inching up 0.3% on a trailing three-month basis through October, to $1,327, and occupancy down 60 basis points in the 12 months ending in September, to 93.6%.\u00a0<\/p>\n<p>Houston unemployment stood at 4.2% in September, according to preliminary data from the Bureau of Labor Statistics, lagging the state (4.0%), the U.S. (3.5%) and the other major Texas metros. Still, the metro\u2019s rate <strong>rose 130 basis points from the start of the year<\/strong>. The job market expanded by 6.0%, or 191,900 jobs, in the 12 months ending in August, with just the government sector losing jobs (1,800 positions). Mining, logging and construction led gains (42,500 jobs), as even though the metro\u2019s dependency on the energy sector loosened, the global energy crisis boosted operations.<\/p>\n<p>Developers delivered 13,740 units through October and had another 29,000 under construction, <strong>half of which broke ground in 2022<\/strong>. Meanwhile, investment volume rose to $9 billion, with robust activity during the first two quarters. Increased competition pushed the price per unit up 10.2%, to $155,438 in October.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3213-MatrixMultifamilyHoustonReport-December2022\">Matrix Multifamily Houston Report-December 2022<\/a><\/strong><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Houston\u2019s Fundamentals Stay Solid Houston\u2019s rental sector showed resilience, boosted by the recovery of jobs lost during the pandemic. Although the economy posted a slower expansion in 2022, it moved steadily upward. The multifamily market presented a similar sturdiness\u2014increased transaction activity, robust supply additions and steady rent gains. Rent growth and occupancy rates showed signs [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[466,444],"class_list":["post-5437","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-2022"],"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 December 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Houston rents rose 0.3% on a T3 basis through October, to an average of $1,327, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-december-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Houston Multifamily Market Report \u2013 December 2022\" \/>\n<meta property=\"og:description\" content=\"Houston rents rose 0.3% on a T3 basis through October, to an average of $1,327, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-december-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-17T11:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T04:39:35+00:00\" \/>\n<meta property=\"og:image\" 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