{"id":5793,"date":"2023-04-12T11:23:33","date_gmt":"2023-04-12T11:23:33","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5793"},"modified":"2023-09-12T17:15:49","modified_gmt":"2023-09-12T17:15:49","slug":"houston-multifamily-market-report-march-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-march-2023\/","title":{"rendered":"Houston Multifamily Market Report \u2013 March 2023"},"content":{"rendered":"<h2 class=\"publication-description\"><span id=\"dnn_ctr905_View_genUC_lbl_Description\">Houston Rents Moderate<\/span><\/h2>\n<p>On the heels of two robust years, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-december-2022\/\">Houston\u2019s multifamily market slowed down<\/a><\/strong> to more sustainable levels. Rent gains marked the third-consecutive month of stagnation in January, which is typical for the slower winter season. On a year-over-year basis, rates grew by 4.1%, to an average of $1,327, while U.S. figures improved by 5.5%, to $1,701.<\/p>\n<p><iframe id=\"datawrapper-chart-vACaF\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Houston vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/vACaF\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Despite being on a decelerating path, unemployment in the Bayou City remained the highest among major metros in the state. As of December, the rate was 3.9%, according to preliminary data from the Bureau of Labor Statistics. The job market expanded by 6.2%, or 176,300 jobs, in the 12 months ending in November, with leisure and hospitality, along with professional and business services, leading gains. This year is expected to be a solid one for job growth. The first building at Helix Park, Texas Medical Center\u2019s 37-acre life sciences campus, is slated for completion later in 2023. Meanwhile, the construction sector could benefit significantly from the $35 billion in public infrastructure funding approved by Texas voters in the November 2022 elections.<\/p>\n<p><iframe id=\"datawrapper-chart-Qhf19\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Houston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Qhf19\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>More than $9.7 billion in multifamily properties traded last year in Houston, and developers completed 17,676 units\u2014most of them in luxury assets. Developers and owners in catastrophe-exposed areas such as Houston and other Gulf Coast metros, will face rising insurance costs and increasing expenses for climate-related renovations.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3635-MatrixMultifamilyHoustonReport-March2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Houston Report-March 2023<\/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 Rents Moderate On the heels of two robust years, Houston\u2019s multifamily market slowed down to more sustainable levels. Rent gains marked the third-consecutive month of stagnation in January, which is typical for the slower winter season. On a year-over-year basis, rates grew by 4.1%, to an average of $1,327, while U.S. figures improved by [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[466,475],"class_list":["post-5793","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-2023"],"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 March 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After two strong years, Houston\u2019s rental growth has slowed, with more moderate 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