Editor's note: This article has been updated to reflect the correct spelling of Mike Prats, senior market analyst for Community Development Strategies, and to update the number of new or coming soon apartments in the Spring area.

Spring-area residents are seeing an expansion of rental options as 15 multifamily developments have recently opened, are under construction or are breaking ground soon.

The gist

According to prior reporting, six apartment complexes and one rental townhome community have opened in the Spring and Klein area since October. Meanwhile, two apartment complexes are under construction and slated to open in August as well as spring and summer 2025. Construction on six more is expected to begin between August and the end of the year.

A spike in multifamily housing in the Spring area can likely be attributed to regional population growth, job growth and nearby retail development, said Steven Spillette, president of real estate research and planning firm Community Development Strategies.

“At a very basic level, we just have to have housing for everybody that is coming here or ... emerging here because they've been born,” Spillette said.

For multifamily housing projects to pop up recently, developers and investors must have been planning the projects and purchasing land at least two to three years ago, Spillette said. Interest rates have since risen, he noted.

“We are having a pause because of what's happened to interest rates, and the developers have been having ... a lot more difficulty in getting financing in the last year to really start new projects,” Spillette said.

Quotes of note
  • “Spring ... is an area with a lot of established infrastructure, road access and things ... that are important, especially if you're going to be putting [an] apartment complex that will have a lot of people," said Ty Jacobsen, senior market and GIS analyst for Community Development Strategies.
  • “Developers and investors alike understand the fact that with a growing population comes greater demand for a residential product that can service the needs of Houston’s expanding workforce,” said Faiz Hirani, principal for Dhanani Private Equity Group.
  • “Spring is not a city. ... So typically developers of real estate, they would rather go to a place where they don't have to deal with a city department of permitting and zoning, and all the other approvals,” said Mike Prats, senior market analyst for Community Development Strategies.
Also of note

Alongside a plethora of Spring-area traditional multifamily housing options are two low-income 4% tax credit housing projects and two 9% tax credit projects—all of which have yet to open. However, as more new multifamily housing options are built, this may push older apartments to decrease rent, offer more specials or become subsidized to remain competitive, Jacobsen said.

Affordable rental housing development is encouraged through the 4% and 9% housing tax credit programs from the Texas Department of Housing and Community Affairs, according to the organization's website.

4% tax credit housing:9% tax credit housing: