“The unprecedented in migration of people from other states, which intensified during the pandemic, has increased demand for flexible and affordable housing options,” said Kelly Violette, the director of the Tomball Economic Development Corp., in an email.
According to Apartment Data, there are 38 multi-family and rental developments spread across Tomball, Magnolia and Pinehurst ZIP codes, offering 8,492 units with more on the way.
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. Community Development Director Nathan Dietrich said that project has an approved plat and the city is reviewing civil plans.
Willow Creek Manors, a build-to-rent community on FM 2920, is anticipated to open late 2022 with 146 single-family rental homes with three- and four-bedroom options, Community Impact Newspaper previously reported.
“More people view buying a home as a big risk following the financial crisis and housing market crash. When you couple that with high home prices and low housing inventory, the demand for multi-family residential options increases significantly,” Violette said.
According to Apartment Data, the absorption rate—calculated based on renters moving in and moving out each month—for Tomball and Magnolia 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.
“It’s so difficult 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 development 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 affordable housing,” Harris said.
In Magnolia, Audubon’s master-planned community at Hwy. 249 and FM 1488 announced its first multifamily component with 300 units in June, Community Impact Newspaper previously reported. Construction will start in late 2022.
“[We are] offering different options that are affordable options where it allows people some flexibility so hopefully they can become a homeowner in the community when it’s right for them and when they can afford it. ... This is just another leg on the ladder that allows them to live the American dream,” Audubon Vice President Sam Yager said.
