Construction Is Booming
Rents in Austin have been rising — alarmingly — for a while, but there might be some relief on the horizon. Of the more than 320,000 new apartments in the U.S. slated to reach completion this year, RentCafe reports that Texas can lay claim to about 70,000 of them.
That's 22 percent of the national inventory, spread out over Texas' four biggest metros of Austin, Houston, Dallas-Fort Worth, and San Antonio.
Austin is gaining 13,568 new units, the sixth most in the country. First-place Houston is getting 25,935 units, which is seconded by DFW's 23,159 units. San Antonio is putting out the welcome mat for 7,158 units, landing it in the top 20.
Filling out the top five are some heavy real estate hitters: New York, Los Angeles, and Washington.
This 50 percent increase in apartment construction should signal a cool-down in most big cities from the recently overheated pricing. Of Austin's new apartments, expect more than half of them to be one-bedroom units. And expect them to be fancy.