Houston Multifamily Market Report | Q3 2025

Market Overview

‍The Houston multifamily market surged ahead in Q3 2025, absorbing approximately 10,293 units—nearly double what was delivered during the quarter. Occupancy climbed to 90 %, the strongest in four years. Construction activity pulled back sharply, with starts down 16.5 % quarter-over-quarter and 54.0 % year-over-year. Although asking rents slipped at the broad level, transaction volume remained robust at around $1.2 billion, with average price per unit rising 2.4 % quarter-over-quarter and 16.2 % year-over-year. Cap rates held steady at about 5.8 %.

‍About Colliers

‍Colliers is a global commercial real-estate services and investment-management firm providing research, advisory, leasing and capital-markets services across asset classes. Their Houston multifamily market report integrates metro-level data on supply, demand, rents and investment activity to equip owners, developers and investors with actionable local market intelligence. To read the full report, click here.