Houston Multifamily Figures - Q1 2025

Market Overview

Houston’s multifamily market showed continued strength in Q1 2025, with occupancy rising to nearly 94%—its highest since 2022—despite a slowdown in construction deliveries. Submarkets like Memorial and West University/Medical Center led the way in both absorption and rent performance, reflecting a broader “flight to quality” as newer assets outpaced older product in occupancy and pricing. Average rents remained steady at $1,367, though select areas such as North Central Houston saw annual rent growth exceeding 4%. Notably, the number of new units delivered dropped 77% quarter-over-quarter, marking the lowest pipeline activity since pre-COVID levels, which could ease pressure on vacancy in the coming months.

About CBRE

CBRE is one of the world’s leading commercial real estate services and investment firms. Their Econometric Advisors team produces data-rich, forward-looking insights to help investors, developers, and operators navigate market shifts with confidence. With deep expertise across markets like Houston and beyond, CBRE’s multifamily research reports combine detailed rent and occupancy data with macroeconomic context and investment activity—making them a valuable resource for anyone evaluating multifamily strategy, performance, or opportunity.

‍