Houston, TX Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Houston's multifamily market carried the weight of a heavy 2024 delivery cycle into fall 2025, with asking rents slipping 0.5% year-over-year to $1,361, even as the national average rose 0.5% to $1,743. Occupancy in stabilized assets held at 92.6% in September, down just 10 basis points over 12 months. On the demand side, the metro added 27,500 net jobs through August, outpacing the national employment growth rate of 0.8% with a 1.1% gain. Developers delivered 11,713 units through October with another 23,166 underway, though new starts have pulled back toward historical norms. Investment reached $2.0 billion through October, with the price per unit essentially flat year-over-year at $134,160.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Houston December 2025 multifamily market report covers asking rents, occupancy, construction activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.