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Q2 2021 | Houston Multifamily Market Report

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Key Takeaways
  • Occupancy up quarter over quarter and annually
  • Absorption increased quarterly and annually
  • Average rents rose over the year and over the quarter
  • Supply decreased over the quarter
2021_Q2_Multifamily_Occupancy Rate1 2021_Q2_Multifamily_Net Absorption1 
 2021_Q2_Multifamily_Under Construction1  2021_Q2_Multifamily_Monthly Rate


Houston Highlights

The Houston-The Woodlands-Sugar Land, TX MSA population is 7.2 million which has grown 7.5% over the last five years. The population is forecasted to grow 7.6% between 2020 and 2025. Job growth is positive increasing by 4.8% between June 2020 and June 2021. The unemployment rate is low at 6.6%. Houston’s single family home sales increased 13.6% year over year, pushing home prices to record levels. This in turn has boosted the multifamily market, pushing occupancy from 88.4% in Q2 2020 to 90.7% in Q2 2021. The average monthly rent for multifamily units increased from $1,047 to $1,116 per month, a 7% annual increase. Demand tripled between quarters, with over 15,800 units absorbed in Q2 compared to almost 4,800 in Q1. There are over 16,000 units under construction and another 28,000 units are proposed.

Market Indicators
2021_Q2_Multifamily_Market Indicators 
Historic Comparison
2021_Q2_Multifamily_Historic Comparison 
Market Fundamentals

 2021_Q2_Multifamily_Market Fundamentals

Houston’s overall occupancy rate increased 190 basis points over the quarter. The average monthly rent rose from $1,041 to $1,056.

Pricing & Sales Volume

Houston’s multifamily investment sales volume increased 18.4% over the quarter between Q1 2021 and Q2 2021 according to our data provider, Real Capital Analytics. When comparing Houston to the U.S., the national quarterly volume increase of 29% was significantly greater than Houston’s quarterly sales volume.

Houston’s median sales price per unit increased by 1.4% over the quarter from $98,101 to $99,448. The U.S. median price per unit increased by 9.7% over the quarter from $142,905 in Q1 2021 to $156,717 in Q2 2021. Houston’s average price per unit is significantly higher at $130,284..

Median Price per Unit
2021_Q2_Multifamily_Median Price 
Houston Sales Volume ($)
2021_Q2_Multifamily_Houston Sales Volume 
Cap Rates

Houston’s multifamily cap rates increased 10 basis points from 5.3% to 5.4% over the quarter and increased over the year by 60 basis points. In comparison, the median U.S. cap rate decreased to 4.9% from 5.0% over the quarter and dropped 40 basis points to 4.9% over the year. Houston’s average cap rate remained at 5.1% over the quarter.

Average Cap Rate
2021_Q2_Multifamily_Median Cap Rate 
   2021_Q2_Multifamily_White Oak Highline
White Oak Highline
Colliers is pleased to present White Oak Highline, an extraordinary Class A apartment community in Houston, Texas. Completed in 2021 and comprised of 66 units with spectacularly designed floor plans, the asset occupies a strategic location within The Greater Heights, one of Houston’s most vibrant and historic neighborhoods. The location and quality have been well-received during lease-up with leasing velocity exceeding the developer’s anticipated pace. White Oak Highline’s irreplaceable location and superior building elements make it an extremely unique opportunity to acquire a highly desirable asset in one of Houston’s most sought-after submarkets. This trophy asset will provide investors with strong cash flow and long-term value appreciation. 


Q2 2021 | Houston Multifamily Market Report

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Related Experts

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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Patrick Duffy



Pat is the managing director of brokerage services in Houston for Colliers.  Pat has more than 37 years of experience in commercial real estate as a producing broker, educator, sales manager and managing broker. Pat relocated to Houston from Florida where he served as President of the Colliers offices in Tampa Bay, Orlando and Southwest Florida.

​Pat started his career as Director of Marketing for a real estate data base company where he spent three years interviewing top brokerage houses throughout the United States and assisted in their automation needs as a consultant and instructor.   As President of the Colliers Houston office, he has direct responsibility for recruiting, training and managing the sales and leasing teams, property management and business plan creation and coordination for the company.

Pat was responsible for building and organizing retail service delivery capabilities for Colliers worldwide as chairman of the Colliers Retail Specialty Group (96-2000, 2002-2013).  Pat is also a founding member of the Colliers Oil and Gas practice group.  Among his academic accomplishments, Pat wrote the capstone case study for the CCIM program's final course offering from 1986 - 1998.  The case study combined the marketing and financial concepts taught by CCIM to allow the students to apply the material to a simulated commercial property disposition.

He has been an instructor for NACORE’s (now CORENET) Intermediate Finance Course and was awarded the Top-Rated Faculty Certificate in 2000.  Pat has been quoted in national and regional publications including the Wall Street Journal, Dow Jones, Newsweek, Real Estate Forum, National Real Estate Investor, Globe Street and others.  He has been an expert panelist for NAIOP, Real Share, ICSC and many other real estate organizations.

Pat has served as a member (and Chairman) of the Colliers Managers Steering committee, the Board of Directors for Colliers USA and is the past Chairman of the Colliers USA Board of Advisors.  In 2003, Pat was awarded Colliers Manager of the Year.  In 2004, he was chosen by Colliers as the Tom Richardson Award recipient, an honor based on strength of character. In 2012, Pat was chosen as the recipient of the Colliers USA Pinnacle Award for service excellence.  Pat is the only person in Colliers to win all three of these awards.  He served as an instructor for Colliers University 2010-14.   In 2017 Pat was recognized as a “Best Boss” by Real Estate Forum magazine.

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Crissy Nolen

Chief Marketing Officer


Crissy is passionate about innovation and productivity in the workplace; constantly seeking a better way and helping others succeed are a couple of her daily drivers.

Crissy develops and expands marketing and technology platforms for the Houston office and contributes to the Southwest region.

She started as the marketing specialist at the front desk of a boutique commercial real estate firm in 2007,  with her first assignment of building their website. From there learning commercial real estate and bringing the best marketing practices to the CRE realm has been her focus.

In 2010 that boutique firm merged with Colliers' Houston office where Crissy was promoted to marketing director, now chief marketing officer, and has been responsible for the organization's marketing efforts. Crissy designs and conducts in-house training programs to elevate staff knowledge and to enhance new business skills. She organizes and executes company events and recognition programs to support and promote a positive work culture. In January of 2020, she became a principal of the firm.

Some of Crissy's career highlights include being named Colliers U.S. Marketer of the Year, partaking in Fort Bend's Leadership Class program, being recognized as a local Top 40 Under 40, and taking home awards for Best Market Intelligence and Driving Business Efficiencies & Effectiveness.  

Crissy earned the Commercial Property Marketing Certification (CPMC) from Colliers University.  CPMC is the first and only accreditation for commercial real estate marketing 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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