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Slowing Multifamily Construction in Houston Could Boost Rent Growth

Total Number of Multifamily Groundbreakings in 2023 at Six-Year Low

Sovereign at the Ballpark is one of the largest Houston apartment projects currently under construction. The property is situated at 101 Crawford St. in the redeveloping Warehouse District, blocks from the Houston Astros’ Minute Maid Park. The 229-unit multifamily building will be six stories above a two-level, concrete parking structure. (CoStar)<br>
Sovereign at the Ballpark is one of the largest Houston apartment projects currently under construction. The property is situated at 101 Crawford St. in the redeveloping Warehouse District, blocks from the Houston Astros’ Minute Maid Park. The 229-unit multifamily building will be six stories above a two-level, concrete parking structure. (CoStar)

By Itziar Aguirre
CoStar Analytics

February 15, 2024 | 4:19 P.M.

In the aftermath of the sharp rise in interest rates, construction starts on new multifamily projects in Houston in 2023 dropped to their slowest pace since 2017.

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