Houston Multifamily Report – March 2026
The seasonal slowdown intensified the effects of heavy supply.
Houston multifamily started 2026 on a softer note, registering declines in asking rents and occupancy. The average advertised asking rent fell 1.2 percent year-over-year, to $1,353 in January, while the U.S. rate rose 0.2 percent, to $1,741. Meanwhile, the occupancy rate in stabilized properties dropped 50 basis points last year, to 92.2 percent.
Employment growth held steady, at 1.1 percent through September, 30 basis points above the U.S. rate. Meanwhile, unemployment stood at 4.2 percent at the end of last year, just below Texas (4.3 percent) and the U.S. (4.4 percent). Houston added 30,700 net jobs in the 12 months ending in September, sustained by gains in seven sectors, led by education and health services (15,100 jobs) and government (11,100). Three sectors shed 16,300 jobs combined, driven by professional and business services (-13,700). Major demand catalysts include the George R. Brown Convention District expansion and the Terminal B overhaul at the George Bush Intercontinental Airport, supporting downtown hospitality and airport-area logistics.
Deliveries moderated to 14,563 units in 2025, with another 24,782 units underway as of January. Meanwhile, construction starts rose 37.7 percent last year, to 13,203 units. Investment volume increased 32.2 percent in 2025, to $3.4 billion, while the average price per unit stood virtually flat. Houston apartments traded at an average of $136,423 in 2025, well below the $203,810 U.S. figure.
