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.
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