Texas is Booming
- Tesla, Oracle and HPE’s recently announced moves from California to Texas expected to trigger a rise in apartment demand.
- Last decade, half a million new apartments were built in Texas during the past decade; Dallas metro leads with 177,400.
- The Dallas metro area has no less than 49,000 apartments under construction — the highest of all Texan metros — with 11,400 new apartments to be delivered in Dallas proper itself. And just in time too! In 2019, financial services giant Charles Schwab, among others, said they were coming to Dallas. Moreover, just a few months ago, real estate brokerage firm CBRE announced that it would move its global corporate headquarters from Los Angeles to Dallas.
- The Austin metro is in the process of building 31,000 apartments, 22,600 of which are located in the City of Austin — the most to be delivered in any Texas city. Between Oracle setting up camp here and a new Tesla branch said to create 5,000 jobs, they couldn’t come sooner. Although Tesla and SpaceX are still headquartered in California, Musk’s expansion in the Austin area comes with a 4M-5M sq.ft. facility worthy of a newly established tech hub.
- Houston metro has 28,600 upcoming apartments. Named one of the most popular places for corporate relocation and office expansion, the City of Houston, in particular, has 17,400 apartments under construction — worthy of the new global headquarters to HPE.
- San Antonio metro will welcome 10,900 new apartments. One of the most dynamic startup ecosystems in the country, San Antonio proper currently has 9,300 apartments underway.
Texas Under Construction
I asked the RentCafe where Texas stood nationally. Here are the results.
Top 10 Cities by Completed Apartments
That is completed apartments for the past ten years. The boom has accelerated.
There are 126,900 apartments currently under construction in Texas.
New Apple Campus
Dallas, Austin, Houston, and San Antonio metros have a whopping 119,500 apartments under construction right now.