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Market Report

Houston Multifamily Market
Report

2025 Investment Forecast

Job Growth Sustains Houston’s Expanding
Population and Apartment Demand

Growing economy amid slowing delivery slate fosters stability. Following Chevron’s move to Houston, the metro houses 24 Fortune 500 company headquarters, third behind only New York and Chicago. This corporate presence fuels economic activity and will support the metro’s robust labor market with a growing volume of well-compensated positions. A second year of strong median household wage gains, coupled with a relatively low cost of living, will enable Houston to receive the second-largest 2025 net in-migration total among major metros, expecting 100,000 new residents. These individuals will arrive amid fewer apartment deliveries, helping multifamily fundamentals in most of Houston’s 33 submarkets to hold ground in the near term. The Rosenburg-Richmond and Sugar Land- Stafford regions could outperform, however, as both areas saw vacancy rates decrease last year, even with a notable influx of new units. In these two areas, a smaller 2025 delivery schedule is likely to help vacancy fall further. Similar factors are at play in Katy and the Spring-Tomball submarket.

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