Tomball - Magnolia Edition | July 2022

RENTAL MARKET Multifamily, rental options increasing in Tomball, Magnolia

2022 REAL ESTATE EDITION

BY KAYLI THOMPSON

“It’s so dicult to get into a home, so most people are having to remain renters longer or have to choose to be a renter until times change,” Apartment Data President Bruce McClenny said. Jervon Harris, a Super Urban Realty develop- ment consultant who is working with Texas Inter- faith Group to develop Tomball Senior Village, said construction started in July. The units will be available to lease in early to mid-summer 2023. “This particular type of age-restricted, mixed-income housing just doesn’t exist in Tomball. … There is a tremendous amount of demand for age-restricted, 55-plus, mixed-income aordable housing,” Harris said. In Magnolia, Audubon’s master-planned community at Hwy. 249 and FM 1488 announced its rst multifamily component with 300 units in June, Community Impact Newspaper previously reported. Construction will start in late 2022. “[We are] oering dierent options that are aordable options where it allows people some exibility so hopefully they can become a homeowner in the community when it’s right for them and when they can aord it. … This is just another leg on the ladder that allows them to live the American dream,” Audubon Vice President Sam Yager said.

The percent change of renters moving into rental units over the past year has increased at a higher rate in Tomball, Magnolia and Pinehurst than the Houston metro. MOVIN’ ON IN

Occupancy in multifamily and rental options in Tomball and Magnolia has been steadily increas- ing since July 2020, according to Apartment Data. In addition, both areas have experienced an increase in multifamily housing and apartment units as 17 rental communities have been con- structed in the last 10 years. “The unprecedented in migration of people from other states, which intensied during the pandemic, has increased demand for exible and aordable housing options,” said Kelly Violette, the director of the Tomball Economic Develop- ment Corp., in an email. Creek Road and CTC Residential are developing a 360-unit apartment complex on 18 acres at FM 2920 and Tomball Cemetery Road, Community Impact Newspaper previously reported. Commu- nity Development Director Nathan Dietrich said that project has an approved plat and the city is reviewing civil plans. According to Apartment Data, the absorption rate—calculated based on renters moving in and moving out each month—for Tomball and Mag- nolia from July 2020 to June 2022 is 8.8%, higher than the Houston metro at 7.1%. The higher the rate, the more people moving into rentals.

Tomball, Magnolia & Pinehurst Houston metro

Renters moving in, percentage change from previous month

1.5%

0.55%

0.5%

-0.5%

-1%

SOURCE: APARTMENT DATACOMMUNITY IMPACT NEWSPAPER

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TOMBALL MAGNOLIA EDITION • JULY 2022