Houston's multifamily rental market declined in occupancy, dropping to 89% in January—a 2.5% decrease from 91.5% in 2021—according to a Feb. 6 news release from MRI ApartmentData.
The details
Houston's occupancy declined due to move-outs from older properties and a surplus of new supply, according to the release.
Challenges coming in 2024 include high construction levels and timing issues with new apartment construction amidst settling job growth, according to the release. Rent growth in Houston is expected to remain flat due to elevated concessions, or discounts provided by landlords to attract tenants, and oversupply.
