The second-most apartments in the U.S. were built in San Antonio in the first half of 2020, according to a report from RentCafé. The metro area is expected to be one of the few to see more units completed than last year.
RentCafé, which uses data from its sister company Yardi Matrix, found that 2,871 apartment units were built in the city of San Antonio in the first half of 2020 — only surpassed by Austin, where 3,827 units were constructed.
However, the San Antonio area doubled Austin in its percentage change of new apartments projected for this year compared to last year, 20% as opposed to 9%. The Houston area saw a slight rise with 2% more apartments projected for this year. These three Texas metros are outliers compared with the rest of the nation, as the report found that 13 of the 20 most active major metros are expected to complete fewer units when compared with last year.
For the full report, click here.
“As the United States begins to recover from its steepest economic downturn in history, the construction industry is faced with unprecedented levels of uncertainty,”Doug Ressler, manager of business intelligence for Yardi Matrix, said in a statement. “How that uncertainty and broader macroeconomic conditions will affect the industry to date, and the shape of the recovery to come, depends on multiple factors.”
When comparing metro areas’ numbers of expected apartments, the San Antonio region ranked No. 19 in the nation with 4,594 projected units this year. The Dallas-Fort Worth area is expected to see the most apartments built this year, although it still is expected to see a 29% decline when compared with last year.
Throughout the last 12 months, the Northwest Side saw the most completed apartment complexes in the area with 1,699 units, followed by Stone Oak and its surrounding areas with 1,529 units, according to a separate report from Houston firm ApartmentData.com.
Publication: Houston Business Journal