What’s happening
About 1,600 apartment units and 640 build-to-rent homes have opened in the past 12 months, per the report.
MRI ApartmentData reports 1,100 new units are planned for the area at the time, including 182 senior living units and 184 build-to-rent homes, although this is not a comprehensive list.
The Jersey Village/Cypress submarket, which includes neighborhoods between Hwy. 290 and Hwy. 249, has seen the average rent decrease 3% year over year from $1,412 to $1,370. Occupancy rates increased from 84.9% in February 2024 to 86.4% this February.
In the Bear Creek/Fairfield/Copperfield submarket, which primarily consists of areas south of Hwy. 290, the average rent declined 1.8% year over year from $1,254 to $1,231, and occupancy dropped from 92.5% in February 2024 to 91.5% a year later.
What else?
Alliance Residential is breaking ground on two new locations of its Prose apartment complex in Cypress just months after opening Prose Canopy off Longenbaugh Road. Prose is a line of apartments catered toward working professionals with rental rates up to 20% lower than comparable apartments. Prose Grant is set to break ground in late April, while Prose Fry & Bridge Creek is expected to begin construction by the end of this year. Community Impact also recently reported a new apartment complex is under construction in the Vintage Park area off Hwy. 249.
In case you missed it
Demographic consulting firm Population and Survey Analysts last year predicted multifamily housing growth in Cy-Fair ISD’s boundaries will exceed single-family housing growth for the first time in 2025-26.
