MULTIFAMILY MARKET REPORT
$1,029
Average Rent
*5+ Units only
4.7%
YTD Rent Change
93.5%
Occupancy
-0.1%
YTD Occupancy Change
Permits vs Builds
The multifamily market in El Paso, Texas, has experienced stability and growth attributed to factors like a steady population increase, a strong economy fueled by sectors such as manufacturing, healthcare, and the presence of Fort Bliss, a major military complex.
14.1%
'21 to '22
Y-O-Y Permit Change
-42.2%
'21 to '22
Y-O-Y Units Built Change
*As of June 2023
Occupancy & Rent Trends
RENT vs OCCUPANCY
Average Monthly Mortgage Payment
$1,266
$1,043
Average Monthly Rent
*includes single family rentals and duplexes
ECONOMY
As a major border city with Mexico, trade and logistics play a crucial role, with a significant amount of cross-border trade passing through. The presence of Fort Bliss, one of the largest military installations in the U.S., contributes substantially to the economy. Manufacturing is another significant sector, encompassing industries such as electronics, aerospace, and automotive, all of which benefit from the city's strategic location and access to skilled labor. Additionally, healthcare and education are growing sectors, further contributing to the city's economic stability and growth.
1.8%
EMPLOYMENT GROWTH
*As of July (Numbers are Preliminary)
5.3%
JULY '23 UNEMPLOYMENT RATE
U.S UNEMPLOYMENT RATE
3.5%
Economic Development
Source: El Paso Economic Development
