Half of the Submarkets in Texas Growing Faster Than U.S. Average

Half the submarkets across the state of Texas are growing local apartment inventories faster than the U.S. norm. In the year-ending 3rd quarter, nearly 560,000 units wrapped up construction in the U.S. overall, translating to an annual inventory growth rate of 2.8%, according to data from RealPage Market Analytics. The four major apartment markets in Texas – Houston, Dallas/Fort Worth, Austin and San Antonio – all saw inventories grow faster in the past year. Austin was the national leader in inventory growth at a stunning 8.9%. San Antonio saw growth of 4.8%, while the Dallas/Fort Worth metroplex saw its combined inventory climb 4.4%. Houston was nearest the national norm with inventory growth of 3.3%. Meanwhile, smaller Texas apartment markets outside of the largest metros logged an average inventory growth rate closer to 1.5%. Among the 130 or submarkets across the state of Texas, 50% logged inventory growth of more than the national average of 2.8%. The biggest inventory growth rates were seen in Ellis County in Dallas/Fort Worth, at 24%, while Austin’s Round Rock/Georgetown logged the second biggest upturn in Texas with a boost of 19%.