BY EMILY LINCKE CONTRIBUTIONS BY JOVANNA AGUILAR, CASSANDRA JENKINS & DANICA LLOYD
Monthly rent vs. monthly mortgage rates Median monthly rent cost
What else?
What to expect
Median monthly mortgage cost
As more multifamily housing is built, this may push older complexes to lower rent or become subsidized to stay competitive, said Ty Jacobsen, a senior market and data analyst for Community Development Strategies. The Houston Association of Realtors reported only 40% of Greater Houston-area households could afford a median-priced single-family home in the first quarter of this year. For Spring, in the same time frame, the median monthly mortgage payment was $2,030 including taxes and insur- ance, according to HAR—about 13% higher than the median base apartment rent of $1,775. Alongside the Spring-area traditional multi- family housing options are two low-income 4% tax credit housing projects and two 9% tax credit projects. Torrey Chase opened in May while the other three projects have yet to open. Under the Texas Department of Housing and Community Affairs tax credit programs, developers can earn tax credits for low-income housing projects.
Because interest rates have roughly doubled since around early 2022, the cost of financing new apartment projects is much less sustainable for developers today, McClenny said. “[Higher interest rates cause] a lot of problems for ... companies to have to ante up more capital to cover that,” he said. “In Gulf Coast markets, ... insurance has really gone through the roof.” Apartment operators are paying more than double the price for insurance now than they were before the COVID-19 pandemic, according to data from RealPage, a property management software corporation. Houston apartment owners pay an even higher premium due to the region’s recent history of inclement weather events at $128 per unit per month, or $1,540 annually.
Spring
$1,775
$2,030
Houston metro
$2,000
$2,340
Harris County
$2,000
$2,500
SOURCE: HOUSTON ASSOCIATION OF REALTORS/ COMMUNITY IMPACT
Pedcor Investments is planning Willow Creek Manor to be located at the intersection of Hufsmith-Kohrville and Cossey roads in Spring. “This site in particular was attractive since the residents will have access to plenty of jobs nearby, ... to Tomball Parkway, for any commuters, ... [and] to good schools,” Jen Latsha, Pedcor’s vice president of development, said in a May 1 email.
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