2023 Forecasted Houston Submarket Rent Growth
Rents across the nation have been on the rise. Below are the projected rent growth figures for 35 different submarkets in the Houston MSA. As you can see, 2023 is projected to show strong rental growth across all submarkets. The average across all submarkets is projected to be at 8.6% and ranges from 11.4% (The Woodlands) to 5.6% (Downtown/Montrose/River Oaks).
The Woodlands (11.4%)
Sugar Land/Stafford (11.2%)
Katy (11.0%)
Rosenberg/Richmond (10.5%)
Bear Creek (10.4%)
Conroe/Montgomery County (10.3%)
Spring/Tomball (10.0%)
Far West Houston (9.9%)
Champions West (9.9%)
Humble/Kingwood (9.6%)
Friendswood/Pearland 9.6%)
Cypress/Waller (9.5%)
Westchase (9.3%)
Clear Lake (9.2%)
Champions East (9.1%)
Brazoria County (9.0%)
Spring Branch (8.9%)
Baytown (8.7%)
Braeswood Place/Astrodome/South Union (8.6%)
Pasadena/Southeast Houston (8.6%)
Greater Heights/Washington Avenue (8.4%)
Hobby Airport (8.3%)
Memorial (8.2%)
Galveston/Texas City (8.2%)
Northwest Houston (7.7%)
Galleria/Uptown (7.1%)
North Central Houston (7.0%)
Northeast Houston (7.0%)
Gulfton/Westbury West (7.0%)
University/Medical Center/Third Ward (6.9%)
Greenway/Upper Kirby (6.8%)
Sharpstown/Fondren Southwest (6.8%)
Alief (6.7%)
East Inner Loop (5.8%)
Downtown/Montrose/River Oaks (5.6%)
Top 5 Submarkets
Each of the top 5 submarkets in the Houston MSA are projected to experience rent growth over 10%. It is no surprise that The Woodlands tops the list at 11.4% projected rent growth for 2023. It is consistently ranked one of the best places to live in the country.
Bottom 5 Submarkets
While the bottom 5 submarkets in the Houston MSA are all projected to have substantial rent growth, it is well off the leaders in the market. Surprisingly, the Downtown/Montrose/River Oaks submarket is the lowest on the list with only 5.6% rent growth projected for 2023.
Overall, the Houston market is positioned well to have another year of strong rental growth ahead.
Data courtesy of RealPage, Inc.
