Easing Inflation Likely Aiding Houston’s Apartment Market

Fast-growing Sun Belt markets such as Houston have seen some of the fastest price increases in the nation over the past couple of years, cutting into potential renter households' budgets. According to recent figures from the U.S. Department of Agriculture, Houston ranked number one in the country in 2023 for grocery food inflation, at 7.8%, versus the national average of 5%. So far, inflation in Houston, as measured by the consumer price index, or CPI, has nearly halved from its peak of 10.2%, reached two summers ago, to 2.9% in April. For context, between 2001 and 2020, CPI in Houston averaged around 2%.