Latest Economic Reports for Greater Houston Point to More Jobs and Low Rent
The latest monthly economic update for Greater Houston continues to highlight the region’s affordability and opportunity for multifamily housing investments.
The key facts and figures from the Greater Houston Partnership economic report for October include:
· Metro Houston created 81,900 jobs between August 2018-19
· Median household income at the end of 2018 was $65,394
· 23.6% of the area’s residents are foreign born with the largest numbers coming from Mexico, El Salvador, and India
In related news, Yardi released their monthly national multifamily report, which highlights nationwide trends in the multifamily industry. The latest report shows that rent price increases have slowed down in recent months. Houston was found to have the lowest average rent increase of the top 30 metro areas in the country with a .5% increase since the beginning of the year.
With the recent market volatility and the sustained growth of the multifamily industry, investor demand for apartments does remain strong. Houston also continues to be a leader in job growth, which will continue to drive housing demand as new residents move to the area. The multifamily housing market offers investors a low-risk option for property investment.
To learn more about multifamily property investments in the Greater Houston area, reach out to CKR’s award-winning property management team.