Austin Ranked Second in the Country for Apartment Growth
In less than two decades Austin’s apartment inventory saw a 75 percent growth rate, contributing to the Texas’ capital having the second highest apartment growth rate in the country, second only to Charlotte, North Carolina.
While inventory growth and the number of added apartment units correlates, it is only loosely. For example, while Austin’s number of added units has grown since 2000, its number is still lower than that of other cities on the list.
The report was completed by RealPage, a real-estate software and data analytics provider, that collected apartment inventory data over an eight year period, while also considering units added.
The report found that Austin added 54,078 apartment units during that time, which is impressive, but what really allowed the city to cinch the No. 2 spot was its inventory growth.
“RealPage found that Austin inventory expanded 29.2 percent during that period, meaning approximately one in five of the city’s nearly 240,000 units was built in the past eight years.”
While Austin represented the best of Texas, the state was the best represented with multiple cities in the top 10 list. San Antonio, Dallas and Houston all joined Austin on the list.
[Via Curbed Austin]Posted on Tuesday, October 23, 2018