Over the past year, a general influx of supply has led to many Sunbelt regions witnessing a decline in rents. However, Houston is showing some resilience in that category, according to a report from Newmark.
The multifamily space in the city saw rents grow by 0.7 percent last year to an average of $1,274. While that may seem only modest, it's significant when put in a broader light. For example, Newmark highlighted that Houston was the only major Metropolitan statistical area (MSA) to experience rent growth in 2024. Since the first quarter of 2021, rents in the Houston MSA have spiked by seven percent.
"Houston’s strong population and employment growth, coupled with limited new construction, continues to drive upward pressure on rents," Newmark wrote.
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