MARKET SNAPSHOT Houston Q3 2025

Market Overview

‍Signs of stabilization are emerging in the Houston multifamily market as rental demand begins to resemble pre-pandemic norms. The average asking rent sits at around $1,351 while occupancy is near 89.8%. YTD net absorption has reached approximately 11,022 units, yet deliveries remain relatively high with 11,410 units completed through Q3-2025. Annual rent change trails modestly at -0.8% and occupancy is down about 80 basis points year over year. With fewer than 1,000 units expected to deliver in Q4 and only ~3,500 projected for 2026, the stage appears set for tighter conditions ahead.

‍About MMG

‍MMG Real Estate Advisors is a metro-focused multifamily research and advisory firm that provides quarterly market reports on rent, occupancy, absorption, supply and pipeline trends. Their Houston Q3-2025 report distils current fundamentals and looks ahead to how developers, owners and investors should position themselves for the next phase of the cycle. To read the full report, click here.