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Q1 2022 | Houston Multifamily Market Report

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Key Takeaways
  • Occupancy remained at 91.5%
  • Absorption dropped by more than half over the quarter
  • Average rents rose over the year and over the quarter
  • The quarterly median sales price and cap rates dropped
2022_Q1_Multifamily_Occupancy Rate 2022_Q1_Multifamily_Net Absorption 
2022_Q1_Multifamily_Under Construction
 2022_Q1_Multifamily_Monthly Rent


Houston Highlights

Demand for multifamily housing slowed between quarters recording only 1,708 units of net absorption compared to 4,098 the previous quarter. The average monthly rent for multifamily units increased 2.0% over the quarter from $1,188 per month in Q4 2021 to $1,212 per month in Q1 2022. There are over 13,000 units under construction and another 32,800 units are proposed. Occupancy remained steady over the quarter at 91.5% and increased over the year from 88.8% in Q1 2021 to 91.5% in Q1 2022.

Market Indicators
 2022_Q1_Multifamily_Market Indicators 
Historic Comparison
 2022_Q1_Multifamily_Historic Comparison 
Market Fundamentals

 2022_Q1_Multifamily_Market Fundamentals

Houston’s overall occupancy rate increased 270 basis points over the year. The average monthly rent rose 14.6% from $1,058 in Q1 2021 to $1,212 in Q1 2022.

Recent Transactions
2022_Q1_Multifamily_Recent Transactions_Sierra    2022_Q1_Multifamily_Recent Transactions_Timbers    2022_Q1_Multifamily_Recent Transactions_Rosenberg 
Pricing & Sales Volume

HAfter reaching a historical high in Q4 2021, Houston’s multifamily investment sales volume dropped dramatically over the quarter from 8.6 billion to $1.2 billion. Further, sales volume decreased 17% year-over-year between Q1 2021 to Q1 2022 according to our data provider, Real Capital Analytics.

Houston Sales Volume ($)

2022_Q1_Multifamily_Sales Volume

Houston’s median sales price per unit decreased by 5% over the quarter from $155,720 to $147,897. The U.S. median price per unit fell 0.4% over the quarter from $191,406 in Q4 2021 to $190,614 in Q1 2022. Texas recorded the largest quarterly decrease of 22.5%.

Median Price per Unit  
 2022_Q1_Multifamily_Median Price


Cap Rates

Houston’s multifamily median cap rate decreased on a quarterly basis to 4.6% from 4.8% and the U.S. median cap rate remained steady at 4.7%. Houston’s median cap rate decreased 40 basis points from 5.3% over the year. In comparison, the median U.S. cap rate dropped 30 basis points from 5.0% over the year.

Median Cap Rate

  2022_Q1_Multifamily_Median Cap Rate


Houston # of Units   Avg Monthly Rent per Unit  Absorption # of Units  Apsorption # of Units (Previous)  Occupancy Rate (%)  Occupancy Rate (%) (Previous)
 Class A    192,013  $1,710  2,473  2,949  87.4%  86.9%
 Class B    236,888 $1,221   (948)  573  93.7%  94.1%
 Class C    204,668  $913 (118)   454  92.8%  92.7%
 Class D    76,086  $730  301  122  91.4%  91.0%
 Total Market    709,655  $1,212  1,708  4,098  91.5%  91.5%
Class B apartment complex sold in an off-market transaction

Colliers in Houston has negotiated the sale of The Park at Woodmoor, a Class B value-add investment asset located at 8787 Shenandoah Park Drive in Shenandoah, TX within The Woodlands submarket of Houston.

The Park at Woodmoor was originally built in 1999 and is bordered by an expanding number of single-family developments and shopping centers that include restaurants and retail in a fast-growing north Houston market. The 220 unit complex offers spacious one and two bedroom apartments, as well as two bedroom, two bath townhomes. Conveniently located off Interstate 45, it makes for a seamless transit to downtown, The Woodlands, and Lake Conroe. In the immediate surrounding area lies multiple rehabilitation, children, maternity, and radiation oncology hospitals. St. Lukes, Houston Methodist, Texas Childrens and Encompass Health are just a few providing a medical network of employers just outside the front door of The Park at Woodmoor.



Q1 2022 | Houston Multifamily Market Report

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Related Experts

Lisa Bridges

Director of Market Research


Lisa joined Colliers in 2010 as Director of Market Research and has 37 years of commercial real estate experience. Lisa initiates proactive market research projects to further the business goals of the company. She writes and prepares 29 market reports annually, including quarterly reports on Houston's retail, office, industrial and healthcare properties.  Further, she prepares statistical ownership reports for various clients as well as an annual Houston Economic Overview. Lisa also creates PowerPoint market presentations, trade journal articles, and other marketing materials supporting the company's business endeavors. She works with senior management in planning the company's marketing strategy and public relations support for local and national conferences, luncheon meetings, recruitment programs, and special events.  Lisa works closely with the company's brokers to develop effective custom market research material specific to existing and potential clients.

Lisa serves on the Colliers Editorial Board, the Colliers U.S. Research Council, and is a recipient of the Colliers Researcher of the Year Award.

Lisa earned the Commercial Property Research Certification (CPRC) from Colliers University.  CPRC is the first and only accreditation for commercial real estate research professionals. It offers a professional development path to increase strategic and tactical expertise in marketing/research, knowledge of the industry and capabilities with commercial real estate tools.

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Todd Stewart

Senior Vice President


Mr. Stewart joined Colliers in September 2020 and is a Senior Vice President and Director of Multifamily Investment Properties. Mr. Stewart has 30 years of experience with investment properties. During the course of his career, Mr. Stewart and his partners have negotiated sales in the amount of approximately $12 billion in more than 500 transactions totaling 150,000 units throughout the United States. He has been ranked one of the top multi-housing specialists in Houston for the past 20 years and has worked with a variety of clients including individuals, private syndicators, pension funds, REITs, S&L’s, insurance companies and banks.

Prior to joining Colliers, Mr. Stewart was a Managing Director at JLL, a Senior Managing Director with HFF (Holliday Fenoglio Fowler, L.P.) and an Executive Vice President of the CBRE Houston Multi-Housing Properties Group. As a member of CBRE’s Major Accounts Group, Mr. Stewart was a top ranking regional and national multi-housing salesperson. He has been ranked as a Houston Business Journal Heavy Hitter and has received the Directors Award. 

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Teresa Lowery

Senior Managing Director Multifamily


  • Colliers' Cooke Multifamily Team Partner, along with Cindy Cooke, Brad Cooke, Colliers in Arizona and Ron Cameron, Colliers Atlanta – one of Colliers most experienced multifamily investment sales teams in the nation.
  • 41 years of Multifamily Investment Sales experience; 20+ years with Colliers
  • 1998-2001 Senior Vice President, Investment Sales for Pinnacle Realty Management Company, South Central Region multifamily brokerage division. Named 1999 3rd Top Producer Nationally for achieving $240,000,000 in Annual Sales. “Top Ten” Nationally for 2000 and “Transaction of the Year” for largest sale in the company’s 20 year history.
  • 1997-1998 CB Richard Ellis’ Investment Properties Group, Houston Apartment Brokerage Division, specializing in exclusively marketing multi-housing portfolios on behalf of institutional clients.
  • 1993-1996 Joined Camden Property Trust, the nation’s 4th largest apartment REIT, as Acquisitions Analyst. Part of the Acquisitions Group during the period where the Houston-based, publicly-traded corporation acquired 20,000 units representing $500 million in multi-housing assets.
  • 1980-1993 Senior Sales Associate with International Commercial Properties Co. Brokered over 14,000 units in Houston, Texas during the mid-80’s RTC period.
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Chip Nash

Senior Managing Director, Multifamily Investment Properties


Chip Nash joined Colliers Houston in September 2020 and is Senior Vice President and a Director of Multifamily Invest Properties.

Before joining Colliers, Nash was a Managing Director for JLL focusing exclusively on private capital investment sales of multifamily properties for eight years. Previous to JLL, Nash held similar positions at Berkadia, Hendricks and Partners, and Pinnacle International Realty Group. He has negotiated hundreds of transactions encompassing a 25+ year track record in investment sales along with a previous seven years spent in the commercial banking business for a conglomerate of banks owned by Pulte Home Corporation.

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Bob Heard

Senior Managing Director, Multifamily Investment Properties


Bob is a Senior Vice President within Colliers’ Houston office and a director of Multifamily Investment Properties. Bob brings 15 years of real estate experience specializing in capital markets and multifamily investment sales. Over the course his career, Bob has been involved in all aspects of income-producing properties including the management, syndication, rehabilitation, purchase and sale of multifamily developments. Prior to joining Colliers, Bob was a Vice President within JLL Houston’s Capital Markets Multi-Family Investment Group. Prior to JLL, Bob was a Senior Associate with the multi-family investment sales group at Berkadia. Bob is a Licensed Real Estate Broker with a Series 7 License.

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Jim Humphries

Senior Vice President


Jim Humphries joined Colliers in Houston in 2015 and is part of the Colliers Investment Services Group (CISG). He specializes in multifamily assets with an emphasis on properties within Texas and the Southern United States.

Colliers Houston’s ISG team takes a consultative approach to commercial real estate which includes developing and executing strategies that are both consistent with its clients’ objectives as well as feasible in the current market environment.

Jim has 10 years of multifamily real estate experience. Before joining Colliers, Jim was an  analyst with the HFF Houston Multifamily group where he was directly involved in more than $6 billion in transactions. In that role, his responsibilities included underwriting and market analysis for both existing and to-be-built acquisitions and dispositions.

Jim’s primarily focus is on multifamily investment services and capital markets. His responsibilities include multifamily investment sales, business development, financial and debt analysis, market research, due diligence and offering memorandum production.

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Jaleel Adatia

Senior Associate


Jaleel is a Senior Associate at Colliers in Houston and specializes in Multifamily Investment Sales. He works with an exclusive list of clients to execute apartment sales across Greater Houston, creating portfolio expansions and value-add investment opportunities for innovative and senior buyers. 

Previously with Institutional Property Advisors (IPA), Jaleel achieved a gross sales volume of more than $500MM to date through the sale of more than 3000 units in the Houston MSA and interacted with clients and leaders in the industry to help develop property plans, overcome challenges, and exceed asset goals. 

Before entering the real estate world, Jaleel completed his master’s degree at Georgetown University in Sports Industry Management and earned a Bachelor of Arts in Business Administration from Furman University. After obtaining his education Jaleel played golf at a professional level and applies multiple skills learned out on the course into his business practices. 

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