{"id":8208,"date":"2024-08-14T07:43:00","date_gmt":"2024-08-14T07:43:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8208"},"modified":"2025-01-09T07:52:27","modified_gmt":"2025-01-09T07:52:27","slug":"houston-multifamily-market-report-july-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-july-2024\/","title":{"rendered":"Houston Multifamily Market Report \u2013 July 2024"},"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>Rents Inch Up, Occupancy Slips<\/h2>\n<p>Houston multifamily fundamentals moderated but were still healthy, according to the latest Houston multifamily market report. Demand kept up with supply and advertised asking rents posted a 0.2% year-over-year increase, to $1,355, as of May, which kept the metro among the more affordable U.S. markets. Meanwhile, the average U.S. advertised asking rent posted a 0.6% yearly improvement, to $1,733, closer to the pre-pandemic pace, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>national multifamily report<\/strong><\/a>. The occupancy rate in stabilized properties in Houston lagged, dropping 90 basis points year-over-year as of April, to 92.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-Gdbnn\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Houston vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/Gdbnn\/1\/\" height=\"321\" 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>In the 12 months ending in March, Houston\u2019s employment market expanded by 2.7%, or 67,800 net jobs. This growth rate ranked third among major U.S. metros, behind Las Vegas and Austin. The jobless rate fell to 3.8% in April, slightly above the U.S. (3.9%) and the state (4.0%), but remained the area\u2019s best figure since the onset of the pandemic. Of all sectors, only information contracted (-1,000 jobs). Education and health services (24,000 jobs) and government (19,500) led job growth. The largest sector\u2014trade, transportation and utilities\u2014added just 4,200 jobs during the period. However, Port Houston reported a 15% increase in volume in the first quarter of 2024 compared to the previous year.<\/p>\n<p><iframe id=\"datawrapper-chart-NE8rh\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Houston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/NE8rh\/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>This year through May, 7,392 units came online, with an additional 31,492 apartments under construction. Multifamily investment remained limited, with $707 million in assets trading during the first five months of 2024.<\/p>\n<p>Read the full Yardi Matrix Houston Multifamily Market Report: <a href=\"\/publications\/download\/file\/5930-MatrixMultifamilyHoustonReport-July2024\"><strong>July 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents Inch Up, Occupancy Slips Houston multifamily fundamentals moderated but were still healthy, according to the latest Houston multifamily market report. Demand kept up with supply and advertised asking rents posted a 0.2% year-over-year increase, to $1,355, as of May, which kept the metro among the more affordable U.S. markets. Meanwhile, the average U.S. advertised [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[466,511],"class_list":["post-8208","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-2024"],"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 July 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Houston\u2019s employment ranked third in the U.S., which helped sustain demand for apartments and keep advertised asking rents on an upward trend.\" \/>\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-july-2024\/\" \/>\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 July 2024\" \/>\n<meta property=\"og:description\" content=\"Houston\u2019s employment ranked third in the U.S., which helped sustain demand for apartments and keep advertised asking rents on an upward trend.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/houston-multifamily-market-report-july-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-14T07:43:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-09T07:52:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/04\/Houston-iStock-2158294305.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Houston Multifamily Market Report \u2013 July 2024 - 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