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Q3 2021 Multifamily Market Report | Houston Metro Area

August 31, 2021 by Marcus & Millichap Research Services

High-Quality Suburban Rentals Attracting Residents Priced Out of Homeownership

  • Affordability gap doubles that of the U.S. The metro’s median single-family home price surged 19 percent during the past year as migration to the market accelerated.
  • Northwest portion of Inner Loop to be tested by supply influx. The Greater Heights/Washington Avenue submarket is an area of active development, which could apply pressure to fundamentals.

Investment Highlights

  • The number of trades during the past 12 months ended in June was about the same as the previous year, though the average sale price advanced 9 percent to roughly $122,000 per unit.
  • North Houston near the George Bush Intercontinental Airport and the Greenspoint area recorded stronger deal flow over the past four quarters.
  • Upper-tier apartments have been changing hands most frequently in north and northwest suburbs including Cypress and Spring, where average pricing on Class A/B properties has been $140,000 per unit.
  • Within the Inner Loop investors are focusing on Class C apartments, favoring neighborhoods that appeal to young adults.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics; RealPage, Inc.

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com

Filed Under: Research Brief, Market Report Tagged With: 1031, 1031 exchange, 1031 exchanges, commercial investments, commercial real estate investing, CRE, deals, netnetnet, nnn, triple net, yields

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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