{"id":7237,"date":"2024-01-17T10:29:00","date_gmt":"2024-01-17T10:29:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7237"},"modified":"2024-04-08T10:43:54","modified_gmt":"2024-04-08T10:43:54","slug":"december-2023-houston-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/december-2023-houston-multifamily-market-report\/","title":{"rendered":"Houston Multifamily Market Report \u2013 December 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/houston-multifamily-market-report\/\">Houston Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Healthy Demand Sustains Rents, Occupancy<\/h2>\n<p>Despite challenging economic conditions, Houston\u2019s multifamily fundamentals persisted, though not without some impact. Bucking the national trend, rent growth was positive, although rates remained stagnant, at $1,353 in October. Meanwhile <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-december-2023\/\"><strong>the U.S. average slid 0.1% on a trailing three-month basis<\/strong><\/a>, to $1,718. The occupancy rate in stabilized properties also remained flat, at 93.4% in September.<\/p>\n<p><iframe id=\"datawrapper-chart-d3ZJQ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Houston vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/d3ZJQ\/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>Unemployment stood at 4.4% in September, according to preliminary data from the Bureau of Labor Statistics. Despite a 50-basis-point month-over-month improvement, the rate trailed the U.S. (3.8%), the state (4.1%) and all other major Texas metros. Still, the job market expanded 3.5%, or 94,700 jobs, in the 12 months ending in August, outperforming the U.S. by a solid 100 basis points. During the period, two sectors contracted for a combined 6,400 positions: mining, logging and construction and other services. Growth was led by trade, transportation and utilities (26,300 jobs) and education and health services (23,300 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-Ae2dd\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Houston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Ae2dd\/1\/\" height=\"423\" 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>Development activity remained steady, with 37,067 units under construction, but deliveries softened to 10,730 units through October. Amid high interest rates, investment activity dwindled to $1.5 billion in multifamily assets during the first 10 months of the year. The price per unit decreased by a considerable 28.6% year-over-year through October, to $109,988.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4918-MatrixMultifamilyHoustonReport-December2023\" rel=\"\"><strong>Matrix Multifamily Houston Report-December 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Healthy Demand Sustains Rents, Occupancy Despite challenging economic conditions, Houston\u2019s multifamily fundamentals persisted, though not without some impact. Bucking the national trend, rent growth was positive, although rates remained stagnant, at $1,353 in October. Meanwhile the U.S. average slid 0.1% on a trailing three-month basis, to $1,718. The occupancy rate in stabilized properties also remained [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6727,"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-7237","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 December 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Houston rents stayed flat on a T3 basis as of October, while the U.S. average saw a second consecutive month of negative movement.\" 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