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Q2 2022 | Houston Multifamily Market Report

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Key Takeaways
  •  Occupancy remained at 91.4% 
  • Absorption increased 72% over the quarter 
  • Average rents rose over the year and over the quarter
  • The quarterly median sales price and cap rates dropped
2022_Q2_Multifamily_Occupancy Rate 2022_Q2_Multifamily_Net Absorption 
2022_Q2_Multifamily_Under Construction
 2022_Q2_Multifamily_Monthly Rent


Houston Highlights

Demand for multifamily housing increased between quarters recording 3,185 units of net absorption compared to 1,853 the previous quarter. The average monthly rent for multifamily units increased 3.0% over the quarter from $1,212 per month in Q1 2022 to $1,248 per month in Q2 2022. There are over 15,000 units under construction and another 35,200 units are proposed. Occupancy remained steady over the quarter at 91.4% and increased over the year from 90.6% in Q2 2021 to 91.4% in Q2 2022. 

Market Indicators
  2022_Q2_Multifamily_Market Indicators2 
Historic Comparison
 2022_Q2_Multifamily_Historic Comparison 
Market Fundamentals

 2022_Q2_Multifamily_Market Fundamentals

Houston’s overall occupancy rate increased 80 basis points over the year. The average monthly rent rose 5.1% from $1,188 in Q2 2021 to $1,248 in Q2 2022.

Recent Transactions
2022_Q2_Multifamily_Recent Listing 1    2022_Q2_Multifamily_Recent Listing 2    2022_Q2_Multifamily_Recent Listing 3    2022_Q2_Multifamily_Recent Listing 4 
Pricing & Sales Volume

After reaching a historical high in Q4 2021, Houston’s multifamily investment sales volume dropped dramatically over the first half of 2022 from $8.6 billion to $3.2 billion in Q2 2022. However, sales volume increased 37% on an annual basis between Q2 2021 to Q2 2022 according to our data provider, Real Capital Analytics.

Houston Sales Volume ($)

2022_Q2_Multifamily_Sales Volume

After reaching a historical high in Q4 2021, Houston’s multifamily investment sales volume dropped dramatically over the first half of 2022 from $8.6 billion to $3.2 billion in Q2 2022. However, sales volume increased 37% on an annual basis between Q2 2021 to Q2 2022 according to our data provider, Real Capital Analytics.

Median Price per Unit  
 2022_Q2_Multifamily_Cap Rate 


Cap Rates

Houston’s multifamily median cap rate remained steady over the quarter at 4.7%. The U.S. and Texas median cap rates decreased from 4.7% to 4.5% and 4.4%, respectively. On an annual basis, Houston’s and the U.S. median cap rates fell from 5.0% in Q2 2021, while the Texas median cap rate fell from 4.9%.

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   196,602  $1,758  4,266  2,932  88%  87.1%
 Class B    242,753 $1,248  (968)  (1,008)  93.2%  93.8%
 Class C    195,076  $938 (265)   (265)  92.5%  92.6%
 Class D    79,921  $749  152  152  91.1%  91.3%
 Total Market    714,352  $1,248  3,152  3,185  91.4%  91.4%
  2022_Q2_Multifamily_Recent Sold 
Colliers finalized sale of Vineyard Trace Apartments

Colliers has announced the sale of Vineyard Trace Apartments at 15314 Kuykendahl Road, Houston, Texas.  The seller, Windmill Investments, LLC was represented by Bob Heard, Chip Nash and Jaleel Adatia of Colliers.

Vineyard Trace Apartments boasts 238 garden style apartment units spread over 8.45 acres. A strong mix of one, two and three-bedroom apartments, optimal community amenities as well as a location in Spring ISD positions this property with the perfect significant value-add potential.  Two pools, a clubhouse, a sports court, a laundry facility, barbecue grills, security gate access and a playground create optimal amenities that will benefit long-term profit. 

Vineyard Trace Apartments is located in the Willowbrook area of Harris County.  This high-growth area has limited supply and above-market rent growth. 



Q2 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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Chip Nash

Senior Vice President


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 Vice President


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

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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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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