Metropolitan Statistical Areas report Texas enjoyed positive growth from last year in both occupancy and rents, except for Midland, Odessa, and San Angelo Metropolitan Statistical Areas.

Apartment cap rates were highest in San Antonio and Houston, followed by Dallas Forth Worth and Austin.

An estimated 15% percent of Texas renters were behind on payments in June, which is comparable to the national average of 15%, according to U.S. Census Bureau's Household Pulse Survey. The survey reported that renters in Dallas-Fort Worth were at 15% and Houston was at 20% in late payments.

Texas' unemployment rate decreased to 6.5 percent in June, but it was still greater than the national rate of 5.9 percent. The state's labor force might have expanded, but the labor force participation rate remained at 62.2 percent below pre-pandemic levels. The decrease in unemployment after is important for multifamily vacancies given the relationship between unemployment rates and vacancy rates. The longer unemployment rates remain elevated, the stronger the negative impact on vacancies and rents. 

According to the U.S. Census Bureau's Household Pulse Survey, 15 percent of Texas renter-occupied households were behind on payments in June, similar to the national rate of 15 percent. According to the report, 30% of Texas renters had little to no confidence in being able to pay rent in the following months. Of this 30%, 63% report that they were at high risk for eviction.

Sixty-three percent of Texas respondents who were not current on rent said the possibility of eviction was either very likely or somewhat likely in the next two months. Nationally, the number was 44 percent.