The drops are even more precipitous for high-end Class A properties, where the average rent for August was $1,463, its lowest in over two years. Occupancy rates are down to around 80% for Class A, as compared to around 90% for the market overall, partly because so many new units have become available.

“We have so much new product, you know—we delivered 20,000-22,000 units in the last 12 months, and the timing of that just couldn’t be worse,” McClenny said.

Sharp rent declines were found in the Inner Loop areas, particularly downtown.

Absorption, the difference between the number of move-ins and move-outs, is showing positive signs overall, but among Class C and D properties, which typically serve as workforce housing, it has been in negative territory several times since March, suggesting a greater trend toward move-outs.

Bright spots of growth in the marketplace are in Houston’s outlying areas, such as Sugar Land-Missouri City, Lake Houston-Kingwood, and Clear Lake-Webster, all of which are showing increasing rents in the past three months, the data show.