Houston's Average Monthly Apartment Rent Dropped By $38 This Year
With office rents down precipitously from where they were a year ago, it is no surprise that Houston's multifamily market has also struggled over that time period.
Average monthly rent across Houston has dropped from $1,098 to $1,060 since March 2016, according to Realty News Report's analysis of an Axiometrics study. Occupancy was also down, from 93.6% to 91.9%. The silver lining may be that December 2016 was the market's two-year low point, and the months since have seen mild recovery.
The troubling numbers come as Houston is poised to see 20,000 new units delivered over the next year, 27% of which will be in the Montrose/River Oaks submarket — where rents declined by 7.6% in March, up from negative 8.9% in November 2016.