As Jobs Land Houston at #3, Buyers Capture Multifamily

Tradewinds at Willowbrook is located close to the Vintage Park master-planned community.

HOUSTON—As a whole, the Houston market has recorded strong absorption and limited new multifamily supply during the last few years, combined with significant job growth. Total nonfarm employment in the Houston-The Woodlands-Sugar Land Metropolitan Statistical Area stood at 3.15 million in April 2019, up 86,200 or 2.8% from one year earlier, the US Bureau of Labor Statistics reported in April. Among the 12 largest metropolitan areas in the country, Houston ranked third in both the number of jobs added during the year and the annual rate of job growth, noted Stanley W. Suchman, assistant commissioner for regional operations.

With all of this said, the continued demand for housing is apparent, especially given the rate of single-family home price increases. A recent example of investor demand for multifamily product is the sale of the Tradewinds at Willowbrook, a 374-unit multifamily property located in northwest Houston.