At 23,558 units completed in 2016, the Houston metro area is at the top of the list of metros with the most apartment unit completions, according to preliminary RealPage data. The city also recorded 10%, or 9,280, of the 87,939 units completed in the fourth quarter.
New York City was second on the list, with 20,269 units completed last year, followed by Dallas, at 17,133.
Monthly rents in Houston have dropped by 1.2% year over year, down to an average of $1,014 per month. The city’s occupancy rate has also fallen, to 93.2%, down from 93.8% in late 2015.
Houston's apartment construction is slowing, with 25,231 units underway at the end of 2016, the lowest since 2013. In the nation's 100 largest markets, 542,446 units are under construction.