Gross Rent Multiplier in Houston: 11.5 as of July 2026
The gross rent multiplier for single-family homes in the Houston metro area is 11.5. A typical home is worth $311,367 and rents for $2,251 a month, so the price equals 11.5 years of gross rent. That is lower than the US figure of 13.5.
- Gross rent multiplier
- 11.5
- -0.4 in the last year
- Typical home value
- $311,367
- Single-family, mid-tier
- Typical monthly rent
- $2,251
- $27,012 a year
- Implied cap rate
- 5.3%
- 5% vacancy, 36% expenses
How the Houston GRM has changed since 2015
Since January 2015, the typical single-family home value in the Houston metro rose 68% and typical rent rose 45%. Prices grew faster than rents, so the gross rent multiplier went from 9.9 to 11.5.
The multiplier peaked at 13.3 in July 2022 and was lowest at 9.9 in January 2015.
The biggest one-year rise came in the year to July 2022, up 1.2 as home values rose 19% and rents rose 7.9%. The biggest one-year drop came in the year to July 2023, down 0.8 as home values fell 1.5% and rents rose 4.5%.
Home values vs rents in Houston
Both lines start at 100 in January 2015. When the home value line pulls ahead of the rent line, the multiplier rises. When rent catches up, it falls.
Over the last twelve months, home values fell 2.0% and rents rose 1.1%, so the multiplier fell 0.4 to 11.5.
Home values go back further than rents. Since July 2000, the typical single-family home value in the Houston metro rose 142%, including a 7.9% decline between 2007 and 2012.
Houston home values, rents and GRM by year
Every year from 2000, measured each July. Zillow's single-family rent data starts in 2015, so rent and GRM are blank before then.
| Month | Home value | Value change | Rent | Rent change | GRM | GRM change |
|---|---|---|---|---|---|---|
| Jul 2026 | $311,367 | -2.0% | $2,251 | +1.1% | 11.5 | -0.4 |
| Jul 2025 | $317,799 | -1.7% | $2,226 | +1.6% | 11.9 | -0.4 |
| Jul 2024 | $323,327 | +1.0% | $2,192 | +2.9% | 12.3 | -0.2 |
| Jul 2023 | $320,090 | -1.5% | $2,131 | +4.5% | 12.5 | -0.8 |
| Jul 2022 | $324,879 | +18.9% | $2,040 | +7.9% | 13.3 | +1.2 |
| Jul 2021 | $273,149 | +15.3% | $1,891 | +8.6% | 12.0 | +0.7 |
| Jul 2020 | $236,933 | +3.1% | $1,741 | +1.9% | 11.3 | +0.1 |
| Jul 2019 | $229,872 | +3.7% | $1,708 | +2.2% | 11.2 | +0.2 |
| Jul 2018 | $221,665 | +4.2% | $1,672 | +3.1% | 11.1 | +0.1 |
| Jul 2017 | $212,721 | +3.6% | $1,621 | +1.0% | 10.9 | +0.3 |
| Jul 2016 | $205,351 | +5.8% | $1,605 | -0.1% | 10.7 | +0.6 |
| Jul 2015 | $194,167 | +10.9% | $1,606 | n/a | 10.1 | n/a |
| Jul 2014 | $175,104 | +11.2% | n/a | n/a | n/a | n/a |
| Jul 2013 | $157,480 | +6.1% | n/a | n/a | n/a | n/a |
| Jul 2012 | $148,376 | -0.6% | n/a | n/a | n/a | n/a |
| Jul 2011 | $149,288 | -5.2% | n/a | n/a | n/a | n/a |
| Jul 2010 | $157,435 | +0.4% | n/a | n/a | n/a | n/a |
| Jul 2009 | $156,756 | -2.4% | n/a | n/a | n/a | n/a |
| Jul 2008 | $160,675 | -0.3% | n/a | n/a | n/a | n/a |
| Jul 2007 | $161,088 | +3.5% | n/a | n/a | n/a | n/a |
| Jul 2006 | $155,648 | +1.5% | n/a | n/a | n/a | n/a |
| Jul 2005 | $153,330 | +4.7% | n/a | n/a | n/a | n/a |
| Jul 2004 | $146,443 | +5.9% | n/a | n/a | n/a | n/a |
| Jul 2003 | $138,336 | +3.3% | n/a | n/a | n/a | n/a |
| Jul 2002 | $133,940 | +2.7% | n/a | n/a | n/a | n/a |
| Jul 2001 | $130,423 | +1.4% | n/a | n/a | n/a | n/a |
| Jul 2000 | $128,676 | n/a | n/a | n/a | n/a | n/a |
How Houston compares with other large metros
Houston has the 59th lowest multiplier of the 400 metro areas in the data. Here it is against the 10 largest. See every metro on the gross rent multiplier by city page.
| Metro area | GRM | Typical home value | Typical rent | 1-year change |
|---|---|---|---|---|
| New York, NY | 17.7 | $762,197 | $3,580 | 0.0 |
| Los Angeles, CA | 19.1 | $1,026,764 | $4,483 | -0.2 |
| Chicago, IL | 12.3 | $380,123 | $2,576 | 0.0 |
| Dallas, TX | 12.8 | $367,541 | $2,385 | -0.6 |
| Houston, TX (this metro) | 11.5 | $311,367 | $2,251 | -0.4 |
| Washington, DC | 15.5 | $625,503 | $3,358 | -0.4 |
| Philadelphia, PA | 14.2 | $402,162 | $2,361 | -0.1 |
| Miami, FL | 13.8 | $570,162 | $3,441 | -0.4 |
| Atlanta, GA | 14.0 | $388,811 | $2,311 | -0.6 |
| Boston, MA | 17.1 | $783,484 | $3,828 | -0.3 |
What a 11.5 GRM means for rental investors
- The 1% rule would need $3,114 a month on a typical home, 1.4 times the actual rent.
- At 5% vacancy and operating expenses of 36% of collected rent, a 11.5 multiplier implies a cap rate of about 5.3%.
- At the national multiplier of 13.5, the typical Houston rent would support a price of $363,852, against the actual $311,367.
- The GRM of 12 page shows the rent a property needs at that multiplier across price points.
A metro multiplier describes the typical home, not the one you are looking at. Run a listing through the GRM calculator and check its cap rate before you rely on the number.
Where these numbers come from
Home values are the Zillow Home Value Index for single-family homes in the middle third of the market, smoothed and seasonally adjusted. Rents are the Zillow Observed Rent Index for single-family homes, a smoothed measure of typical market rent. Both cover the Houston, TX metropolitan statistical area. The multiplier is the home value divided by twelve months of rent. Data from Zillow Research, current through July 2026.
Houston GRM questions
What is the gross rent multiplier in Houston?
11.5 for single-family homes in the Houston metro area as of July 2026. A typical home is worth $311,367 and rents for $2,251 a month, or $27,012 a year. Divide the value by the annual rent to get the multiplier.
Is Houston a good market for rental cash flow?
Gross rent covers 8.7% of the typical home price each year, against 7.4% nationally. Rent goes further against price here than in the typical US market, which makes cash flow easier to find. Check any specific property's taxes, insurance and dues before relying on the multiplier.
How does Houston rank on gross rent multiplier?
Houston has the 59th lowest single-family multiplier of the 400 US metro areas with enough rent data, as of July 2026. The national figure is 13.5.