Cypress Edition | May 2022

CY-FAIR’S MULTIFAMILY MARKET ApartmentData.com provided the following information about existing one-, two- and three-bedroom apartments in the Cy-Fair area.

SOURCE: APARTMENTDATA.COM/COMMUNITY IMPACT NEWSPAPER

BEDROOM

BEDROOMS

3 BEDROOMS

9533 HUFFMEISTER RD. SUITE B HOUSTON, TX 77095

130 complexes

66 complexes

74 complexes

281.763.7960

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17,273 units

14,128 units

2,459 units

731 average sq. ft.

1,160 average sq. ft.

1,305 average sq. ft.

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$1,094 average monthly rent

$1,387 average monthly rent

$1,639 average monthly rent

Cy-Fair has more than 34,000 multifamily units. On average, base rent is $1,253 per month.

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for the working population of Cy-Fair. “Prose was designed to be what they started out marketing as a work- force housing model,” McClenny said. “It’s for the teachers; [it’s] for the fire- fighters; [it’s] for the middle America; [it’s] for those people that are prob- ably making 80% of the area median income is what it’s turned out to be.” There are also developments in the works for those in lower income brackets. The HCCSD has The Resi- dences at Arbor Oaks under construc- tion to bring 192 units to Cy-Fair and recently acquired land close to Jersey Village that has yet to be developed. McClenny said he thinks this flood- ing of the market with new units could help rent prices go down in the long run after the market becomes fully saturated. “In Houston, we know how to overbuild a market; we can do that really well,” McClenny said. “So I’m counting on the developers to do that again, so in those cases if we put more supply on the market and there’s also demand for it, that will also straighten [the rental pricing change] out.” Changes in development Another trend PASA reported is a rise in the development of rental homes. Officials said two build-to- rent communities have been pro- posed that will be completed in the

coming years: one in Bridgeland with 263 homes and Avalon at Cypress with 240 homes. Another innovation developers are implementing is telecommute ameni- ties to allow renters to make the most of their space. Simon said Highpark will cater to remote workers. “Coming out of COVID[-19] with greater work flexibility, renters are relocating more towards the sub- urbs and are interested in amenities that support remote work, such as coworking-style facilities, outdoor workspaces, built-in desks and stud- ies in units, and outdoor living areas,” Simon said. Bledsoe said the Howard Hughes Corp.’s Starling at Bridgeland features workspaces equipped with Wi-Fi as well as smart home technology to meet the demands of their pro- spective tenants. Bledsoe said the rental rates for this development are expected to start around $1,500, a price she believes reflects the ameni- ties and stylings renters prefer. “They’re looking for very mod- ern-style amenities because we’re dropping in migrators that’s at a younger age and younger profession- als,” Bledsoe said.

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LIVE AUCTION 1:00-3:30 PM

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Rosehill Social Club is a 501(c)3 Public, Charitable, Non-profit Organization dedicated to helping families in our community.

CYPRESS EDITION • MAY 2022