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Average rents and occupancy remained flat for apartments in metro Houston in ’24, according to MRI Apartment Data Services. Average rent across all apartment classes, which was $1,265 in December ’23, rose to $1,286 in August ’24 before slipping to $1,274 by year’s end. Occupancy across all apartment classes, which was at 88.5 percent in December ’23, fell to 87.9 percent by April ’24 before rebounding to end the year near where it started at 88.6 percent.

The market absorbed 18,768 apartment units in ’24, a 65.1 percent increase over the number absorbed in ’23. Every region of the metro area except central Houston saw more units absorbed in ’24 than in ‘23. Growth was especially strong in the northwest where 11,394 units were absorbed, accounting for 60.7 percent of the region’s total.

Construction continued to taper off with only 14,297 units underway as of early January. An additional 39,072 units have been proposed across 127 properties.

Among Texas major metros, Houston trailed only Dallas/Ft Worth in terms of occupancy and only San Antonio in terms of lower rents. Dallas/Ft Worth and Austin logged better absorption and had more units under construction. 

Prepared by Greater Houston Partnership Research Department

Patrick Jankowski, CERP
Chief Economist
Senior Vice President, Research
pjankowski@houston.org

Colin Baker
Manager of Economic Research
bakerc@houston.org