After 2.5 Years Lagging The U.S., Houston Multifamily Rent Growth Is Back
The bottom fell out of rent growth in Houston apartments in May 2015. For years leading up to that point, the Bayou City had been surpassing the national average in apartment rents. But starting with the oil bust of 2014, Houston lost traction, and around the midpoint of 2015, fell below the U.S. in terms of rent growth, Yardi Matrix data shows.
No more. After hitting a trough in May 2017, rent growth has been leaping, and as of February, Houston is back above the 2.7% national average, with a 2.9% year-over-year increase through that month. Hurricane Harvey helped buoy the multifamily market, but it goes deeper, as the rebound began before the storm and has continued as short-term leases for displaced residents have burned off.
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Catie Dixon, BisNow