Austin’s occupied apartment count has soared a whopping 30% during the current apartment market cycle, climbing by about 48,900 units. That’s the most drastic influx of additional renters seen in any of the country’s 50 biggest apartment markets since apartment demand began to make its post-recession comeback in early 2010.
Big metros registering occupied apartment growth of approximately 22% to 24% so far in the current cycle are San Antonio, Salt Lake City, Raleigh/Durham and Nashville. Apartment renter household growth of roughly 19% to 20% is seen in Dallas, Seattle, Orlando and Houston.
This list of apartment demand leaders lines up incredibly well with the list of economic expansion leaders, underlining that job availability (and quality) influence household formation and housing demand capacity. The list of apartment construction leaders looks really similar as well, since demand also is shaped by simple product availability.