Developers are experiencing continued demand with upward rent pressure in cities with job growth, especially on the coasts and in the Sunbelt. More than 1 million new apartments have been built across the country since 2015, the most in 30 years. Multifamily construction starts continue to be unusually high, at 452,000 units, up 14% in March, the largest seasonally adjusted rate since October 2016, according to Census Bureau reports.
Texas has been one of the most prolific in creating new housing. Houston and Dallas can lay claim to being among the most dynamic: Those markets produced roughly twice as many apartments since 2015, with 60,964 and 57,000 respectively, according to the National Apartment Association.
Read more...Do Multifamily Concessions Point To Softening?