Houston, TX Multifamily Market Report | Matthews | Q4 2025

Market Overview

Houston ended Q4 2025 with vacancy near 9.5% and rent growth slightly negative at -2.5%, two metrics that reflect how aggressively the market has been supplied over the past several years. But the counterweight is significant. Houston ranks as the fastest-growing metro in the United States, with population approaching 8 million and annual demand running near 27,500 units. Sales volume reached $2.1 billion, up 23.3% year-over-year, signaling that investors are pricing in recovery. With construction starts declining and units under construction at approximately 18,000, the supply-demand gap is set to narrow through 2026.

About Matthews

Matthews Real Estate Investment Services is a national commercial real estate brokerage and advisory firm serving multifamily owners, investors, and developers across major U.S. markets. Their Houston, TX Q4 2025 multifamily market report tracks vacancy, rent growth, cap rates, and sales volume to help clients assess market conditions and refine investment timing. To read the full report, click here.