Greater Houston is the fifth-largest and the second-fastest-growing metropolitan area in the nation. Houston’s population is one of the youngest and most diverse in the world, and its economy ranks among the top largest in the U.S. Houston’s economy contains a broad base in the industries of energy, business, technology, international trade, manufacturing, aeronautics, transportation, education, medicine, and research.
As new supply is absorbed throughout 2024, multifamily market performance is expected to adjust closer to prepandemic historic norms, resulting in lowered vacancy rates and increased rent growth beginning in 2025.