Houston Multi-Family Stays Strong

[Jim Cummings]

Houston Multifamily Market Stays Strong

HOUSTON (Yardi Matrix) – Despite Hurricane Harvey, the local multifamily market remained strong in 2017, according to Yardi Matrix.
Here are highlights from the firm's Houston multifamily report for spring 2018.

• Rents rose 2.9 percent year over year through February. It was the first time in nearly three years that rents grew faster than the national average (2.7 percent).
• The median home value hit $206,564 in 2017, a new cycle peak, up 36.8 percent from 2009. Hurricane Harvey contributed to the local market's surge. Yardi says home prices are likely to increase.

• Although home prices are rising faster than incomes, Houston remains relatively affordable. Owning is still more affordable than renting.
• Nearly 3,600 apartment units came online in the first two months of 2018. As of February, the metro had about 14,300 units under construction.

• Investment sales started the year off strong with $345 million in multifamily assets changing hands year to date.

• Per-unit prices in the area were $99,439 through February, still well below the $151,681 national average.