“I get the sense that we still have more to build into this cycle,” Bruce McClenny, president of ApartmentData.com, said of Houston’s apartments under construction.
“I get the sense that we still have more to build into this cycle,” McClenny said.
He said it’s important to factor in the construction timeline and how long various types of projects will take, which would average out that number to something more like 12,000 to 14,000 units per year.
Houston’s apartment construction inventory accounts for about 3.1 percent of the sector’s overall market supply, McClenny calculated. In Dallas, the 25,000 units under construction make up about 3.3 percent, while Austin’s 10,000 units in the works make up about 4.5 percent of supply. McClenny said these figures fall in line with expected job growth in each city.
Publication: Houston Business Journal