Q1 Multifamily Market Report | Houston, TX

Market Overview

Houston’s multifamily market showed early signs of recovery in Q1 2024, as vacancy rates, which had climbed to 11.3%, appear to have peaked. Although supply has outpaced demand for nine consecutive quarters, the pace of new deliveries is expected to slow significantly this year—down 40% from 2023—which could ease pressure on rents. The metro continues to benefit from strong population growth, job creation, and affordability compared to peer markets like Austin and Miami. With average monthly rent at $1,330 and favorable long-term fundamentals, optimism is building for improved performance into 2025.

About Matthews

Matthews REIS is a privately held commercial real estate investment services firm specializing in brokerage, advisory, and capital markets across a range of property types. Known for its client-first approach and data-driven insights, Matthews serves investors nationwide with market research, transaction services, and asset strategy. Its multifamily reports offer in-depth regional analysis, leveraging sources like CoStar to provide context around rent trends, construction pipelines, and sales activity—helping investors make informed decisions in dynamic markets like Houston.

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