Beekin’s Recent Movers Rental Price Indices have revealed that the Texas multifamily rental market has been experiencing steady growth over the past few years. The data shows a significant 2.9% increase in rent prices from January 2022 to January 2023, with a slight month-on-month rise of 0.1% from December 2022 to January 2023. These figures indicate a stabilizing market following a period of rapid growth in Q2 and Q3 2021.
The historical quarterly multifamily rent price changes for Texas have been anything but static, showing an intriguing level of volatility over the years. In 2020, the market experienced a dip with multifamily rental prices decreasing by 1.1% in Q2, Q3, and Q4. However, from Q1 2021 to Q3 2022, there was a remarkable rebound with multifamily rental prices increasing by an impressive 18.7%. Despite the ups and downs, the data unmistakably illustrates an overall upward trend in Texas multifamily rental prices in recent years.
The nationwide US multifamily rental market experienced a rent price growth rate of +2.8% from January 2022 to January 2023, a slight dip from the rate seen in Texas during the same period. However, the market saw significant growth from December 2022 to January 2023, with a jump of +0.9% nationwide, compared to the modest increase seen in Texas during the same period.
The Texas multifamily rental market is experiencing stable growth with a modest rise in rental prices. This is in line with the historical trends and suggests that the market is still strong, albeit not growing as rapidly as it was in 2021.
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