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Houston multifamily market stays strongHouston multifamily market stays stronghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=203392018-06-12T05:00:00Z2018-06-12T15:00:00Z

​​​​​HOUSTON – Despite Hurricane Harvey, the local multifamily market remained strong in 2017​, according to Yardi Matrix.

Here are highlights from the firm's Houston multifamily report for spring 2018.

  • Rents rose 2.9 percent year over year through February. It was the first time in nearly three years that ​rents grew faster than the national average (2.7 percent). 

  • ​​​The median home value hit $206,564 in 2017, a new cycle peak, up 36.8 percent from 2009. Hurricane Harvey contributed to the local market's surge. Yardi says home prices are likely to increase. 

  • Although​ home prices are rising faster than incomes, Houston remains relatively affordable. Owning is still more affordable than renting.

  • Nearly 3,600 apartment units came online in the first two months of 2018. As of February, the metro had about 14,300 units under construction.

  • Investment sales started the year off strong with $345 million in multifamily assets changing hands year to date. 

  • Per-unit prices in the area were $99,439 through February, still well below the $151,681 national average. 

Yardi Matrix
Houston-The Woodlands-Sugar Land
Multifamily
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