2023 HOME EDITION
rent
o upancy
The price of
Apartment
The asking price—rent minus discounts—of an apartment locally was $1,352 in June—less than apartments in the surrounding area but more than the Greater Houston area. The Woodlands, south Conroe and Spring Tomball and Magnolia Greater Houston area ASKING PRICE FOR RENT:
Tomball and Magnolia’s occupancy rate in June mirrors metro Houston’s at 89.9%.
APARTMENT OCCUPANCY PERCENTAGE IN TOMBALL AND MAGNOLIA:
100%
93.3%
95%
$1,342
$1,750
89.9%
90%
$1,234
$1,520 $1,352 $1,272
$1,500
0% 80% 85%
Bruce McClenny with MRI ApartmentData said when a new complex opens, that drops the occupancy rate because it is not very occupied.
$1,250
$1,000
$1,141
July 2021
Jan. 2022
July 2022
Jan. 2023 June 2023
0
July 2021
Jan. 2022
July 2022
Jan. 2023
June 2023
SOURCE: MRI APARTMENTDATA COMMUNITY IMPACT
steady, although more expensive than in Tom- ball and Magnolia, clocking in at $1,520 this June, according to MRI ApartmentData. A May analysis from Red n real estate rm shows Houston is one of the four major metros nationwide where buying a typical home is more a ordable than renting one. However, according to the 2021 Amer- ican Community Survey 5-Year Estimates, home- owners pay more in median monthly housing costs in Tomball and Magnolia than renters do across the area’s ve ZIP codes. Meanwhile, Foresi, the Venterra Realty CEO, said
a ordability. A ordability these days is a big, big issue in the industry, and so that works, I believe, in its favor to attract people to the a ordability of the area compared to these other areas.” In Tomball and Magnolia, the price of rent has remained relatively steady since last summer. The asking price for all oor plans—the total cost of rent- ing minus any discounts—actually declined from $1,356 in June 2022 to $1,352 this June, according to MRI ApartmentData. Nearby, in The Woodlands, south Conroe and Spring, the asking price for rent has also remained
he’s seen changes in what amenities and oor plans apartment complexes o er. “Today’s renters are looking for more than just a place to live; they seek communities that provide a comprehensive living experience,” Foresi said. “As a result, developers are incorporating amenities that promote convenience, wellness and social connec- tivity to attract and retain residents.”
For more information, visit communityimpact.com .
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TOMBALL MAGNOLIA EDITION • AUGUST 2023
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