BY SHAHERYAR KHAN
The big picture
Going forward
price—the total cost of renting minus any discounts—in the Conroe and Montgomery area has been on the rise. As well, 2022 American Community Survey five-year estimates show renters pay more for median monthly housing costs in five local ZIP codes than homeowners do.
Development activity indicates around 1,400 units will be added locally among seven complexes slated to open in 2024. “As we open the doors to Alta Sergeant, we are happy to be a part of one of the fastest- growing markets in the Houston area,” Bart Barrett—managing director of Wood Partners, developer of Alta Sergeant, which opened in November in Conroe—said in a Nov. 28 news release. However, the apartment market may be in an overbuilding phase, leading to a flattening of apartment rents while housing prices continue to rise, said Patrick Jankowski, senior vice president of research at the Greater Houston Partnership, in an Oct. 31 GHP podcast. “We’ve seen apartment rents flatten, while housing prices go up,” Jankowski said. “It definitely means we’re going to see more renters—not just apartments, but also single-family homes.”
In Conroe, a boom in retail and lower-paying jobs has spurred a need for multifamily housing for those seeking affordability, Harper said. According to the Bureau of Labor Statistics, Montgomery County saw leisure and hospitality jobs up 22.36% from March 2018 to March 2023. MRI ApartmentData shows the effective rental
Effective monthly rent price of apartments in Conroe, Montgomery and Willis
$1,220 $1,240 $1,260 $1,280
$1,263
$1,184
$1,200
$1,180
0 Nov. 2021
March 2022 July 2022
Nov. 2022 March 2023
July 2023 Oct. 2023
SOURCE: MRI APARTMENTDATA/COMMUNITY IMPACT
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CONROE - MONTGOMERY EDITION
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