Texas is Booming
The RentCafe notes Texas Apartment Boom Poised to Continue as Tech Giants Relocate from California
- 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.
Mish
We used to hit Stubbs for the P-Funk shows…..now THAT was fun. It isn’t quite the same since Stubbs sold the club. And P-Funk doesn’t do Austin shows anymore, AFAIK.
I forgot this one…..it isn’t locked in, but it looks very likely to happen.
I went to high school in Houston. We had a saying: “The only difference between Houston and Hell, is that Hell is more of a dry heat.” That said, my relatives play golf year round. You can always get a tee time in the summer after 10:00 am.
My wife grew up Pasadena…..she remembers when they booked ZZ Top at the Elks Club….lol.
I did my time there from 85-87…a year at MD Anderson and a year at Texas Childrens’ Hospital. I actually have fond memories of living in West University, near Rice. But it’s a hellhole in the summer.
I taught myself to sail in Offut’s Bayou in Galveston in those years.
I moved my family from California to Austin, Texas and regretted it. Here are 10 key points every person should consider before relocating.
BRETT ALDER
JANUARY 20, 2021
I like California…..I used to travel there a lot…..for several years in a row I spent a week at Coastanoa Lodge near the lighthouse at Pigeon Point. Back when Joie d’Vive had it….we used to drive in to Half Moon Bay to eat sometimes and hit the shops.
During SXSW……lol. You Cali people comecome here and I leave….I might fly to SF and drive up to Lake County next month….thinking about it anyway.
My favorite Cali restaurant is Scoma’s in SF. Other than that, I’ll stick with Austin on food. Austin has way more good choices than anywhere in CA. Or just about anywhere else.
Austin is Austin….it is NOT California….but electricity is cheaper here than California…..hell, energy is cheaper almost everywhere than California. If you move from an 1800 sq ft house……to a 4000 sq foot with a pool…..surprise..it costs more money to heat and cool.
There is plenty of land for recreation in Austin and Central Texas…..no Yosemite, no…but there is a lot more public land than that guy probably even realized. You have to know where it is and how to access it. The LCRA has thousands of acres of land around Austin. Lots of state parks within driving distance…..Lots of tubing opportunities on clear rivers….Austin has Bull Creek and Barton Creek….both big green spaces right in the city.
Barton Springs is a rare jewel………31 millions of clear, clean cold water every day… …right in town…just off of Robert E. Lee Rd…oops…..not anymore….guess you’ll just have to look for it.
But hey, the Bay Area is a nice place. Never said it wasn’t….
The dollar looked weak at the close yesterday so I sold UUP (dollar bullish index) and went to all cash….I did not buy metals today, because I still think the dollar is close to a daily cycle low.
The dollar is still looking a for a swing low now….but it might not be today…Gold and silver fairly flat today, didn’t miss much by being on the side.
And for the Apple crowd, this is the new Austin Apple Campus. Also pretty far along at this point.
I used to live and work less that 3 miles from there in 2000-2003.
I still visit friends in Austin who live on Lake Austin down by Ski Shores/Emma Long park. I’m amazed every time I go back by how much Austin has exploded in less than 20 years. Went from a large college town feel (awesome) to a metropolis with the greater area having a population of 2 million plus now (not so awesome). Crazy.
I was at Ski Shores about a month ago for a birthday party….It was also one of the first places I ever visited on Lake Austin…..that was back in June of 1972..
Thankfully it hasn’t changed much…..Every other place around town sure has….
My wife thinks Austin has gone to the dogs….but we remember places like Spellman’s, Soap Creek Saloon, and the Armadillo. I still love Austin, but it isn’t the old Austin….not anymore.
For the Tesla fiends out there…this is footage of the new facility. It’s well underway at this point.
Are these Top 10 “cities” or “MSAs” ?
From Austin I can attest first-hand, it is very telling that of the 31k being built “in Austin” nearly 1/3 of those are not in the city limits. Smart people are increasingly eschewing the disastrous policy direction of the city gov’t. The surrounding areas are vibrant and open for business.
I think that ultimately that the new high taxes that are making the city less attractive to home buyers right now….. will make the city more attractive to visitors and tourists, fwiw.
I have two houses in the city limits….and not looking forward to paying more….but I think the light rail will look pretty smart from a vantage point of 20 years in the future. The problem with the “old” completed light rail is that it was way ahead of its time….a light rail line from the airport to downtown will capture instant big ridership…and the rest of the new phase looks better too…..albeit very expensive.
I see taxes going up plenty fast in Round Rock and Pflugerville too…not quite as bad,,,,but compared to historical rates…they’re headed up extremely quickly, in my view.
Doing the PPP round one forgiveness shuffle this morning. The bank has a link to their “Forgiveness Center”…the SBA has a similar link to “PPP Forgiveness”
Only problem…neither one has the necessary forms…and no suggestion of how to get them…..except the SBA kindly recommends that you can get them “from the lender”.
Why wouldn’t they just have the forms in place on their website? Both of them should have them up and ready to fill out online….but no……can’t actually facilitate that kind of largesse…..
Looks like we get to do Form 3508S…an expedited app for loans under 150K….if we can get said form. It sounds like the payroll companies are able to generate the necessary docs…but with ADP, I can never count of them either…..we shall see.
You’ll have no interaction with the SBA for forgiveness, your lender will. You only deal with the lender.
Most lenders aren’t making it a priority and plan to put up an online form instead of directly using 3508.
Other than nagging your lender, nothing you can do but wait for your lender to open up the process to you. Some lenders have already, others dragging their feet.
Thanks@ajc1970 . I found the proper forms….now I just need to see if my lender will take them.
Yup… done the dance.
FYI, you can apply for full forgiveness any time before the note matures. But your payment deferment will end 10 months after the end of your covered period if you have not yet applied for forgiveness (for my first PPP, I still have until August to apply without making any payments, since my covered period ended in October).
Caution: if you’re applying for PPP2, wait before filing for forgiveness. If you have a pending application for forgiveness on PPP1, the SBA will not approve you for PPP2 until your PPP1 forgiveness application clears. It’s a document glitch in their system that I don’t think they intend to fix.
Thanks. I will wait then before applying……I do have an application in for the 2nd round PPP….
^document^documentED
typo. I miss the ability to edit posts…
Hey Eddie_T is your business structured as an S Corp?
Just finished my 2020 taxes (1120S for companies and 1040 for wife/me).
PPP is insanely advantageous for S Corp owners because of the “double dip” ruling.
It resulted in a large paper loss for the S Corp that “passed through” and negated all of our personal taxes.
If you’re an S Corp and haven’t reviewed your taxes, you’re in for a pleasant surprise.
Not declaring the PPP as income but deducting the rent/payroll expenses paid with the PPP seems so unfair (very nice, but unfair).
Nope, I’m a sole prop, Not sure how that’s gonna work out this time. In the past, I could never make the math quite work to justify incorporating. Thanks for the itel tho.
They are putting up high rise condos too, lots of them…..the high end stuff….. in and near downtown….Austin has a downtown “loft culture” for those who can afford it. I’m sure that’s true in the other markets as well…but I’d say Austin and San Antonio have the best downtown amenities.