Texas Housing Market Sees Significant Surge in New Apartments
Texas Housing Market: Surge in New Apartments Built
The Texas housing market is experiencing a notable surge as cities across the state ramp up the construction of new apartments. According to recent data from RentCafe, a record 518,108 rental units are anticipated to be completed by 2025, marking a 9 percent increase over 2023 and a staggering 30 percent increase when compared to two years ago.
Leading Cities in New Apartment Construction
Four Texas cities have made their mark, landing in the top 20 U.S. metropolitan areas for new apartments being built this year, with two even cracking the top three. Here’s a quick overview:
- New York City: 32,932 new apartments
- Dallas: 32,932 new apartments
- Austin: 21,506 new apartments
Collectively, these cities in Texas are on course to construct approximately 10 percent of all newly built apartments nationwide by the end of December 2023. The data indicates a strong demand for rental housing options in these urban areas, a trend that has been fueled by the pandemic.
Impact of Construction Trends
With the housing demand soaring, Texas's rapid rate of apartment construction reflects broader trends within the industry, encouraging potential investors to take notice.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.