The Austin area’s apartment boom is far from over, a new study indicates. Between now and 2030, the number of new apartments in the Austin area is forecast to jump by 49 percent.
Through 2030, an estimated 114,000 apartments will be added in the Austin market, according to the study, commissioned by the National Multifamily Housing Council and the National Apartment Association.
At 49 percent, the Austin area’s projected apartment growth rate ranks third among the 50 metros covered in the study. Only Raleigh, North Carolina (69 percent), and Orlando, Florida (57 percent), have higher predicted growth rates for new apartments.
Elsewhere in Texas, Dallas-Fort Worth is expected to add 266,296 apartments through 2030, and Houston is expected to add 214,176 apartments. Only the New York City metro area is projected to build more apartments during that period — 278,634.
For Dallas-Fort Worth, that would represent a 36 percent rise in the number of apartments; it would be 35 percent for Houston.
Meanwhile, the San Antonio area is projected to build 54,000 new apartments through 2030, which would translate into an apartment growth rate of 28 percent.
“Apartment rentals are on the rise, and this trend is expected to continue at least through 2030, which means we’ll need millions of new apartments in the U.S. to meet the increased demand,” says Cindy Clare, chair of the National Apartment Association.
“The western U.S. as well as states such as Texas, Florida, and North Carolina are expected to have the greatest need for new apartment housing through 2030, although all states will need more apartment housing moving forward,” she adds. “The need is for all types of apartments and at all price points.”
For this study, apartments are defined as rentals in buildings with at least five units.