Published Jan 14, 2022 by A.J. Mistretta
Houston developers are set to add more than 17,000 apartment units to metro Houston's supply this year, one of the largest increases in the nation, according to a new report.
The report from multifamily analytics firm RealPage shows Houston is set to deliver an estimated 17,053 units before the end of this year, a 2.4% increase in inventory. The increase puts Houston at No. 7 among the nation’s 50 largest apartment markets in terms of total units slated for delivery.
Though multifamily complexes are rising across the metro region, much of the activity is concentrated within the urban core in markets such as Downtown, Montrose and Uptown. One example is a mixed-use building boom taking place along Allen Parkway between Downtown and Shepherd Drive.
Other Texas metros are among the top 10 markets for total new apartments, with Dallas set to add roughly 17,166 units and Austin expected to bring another 18,375 units online this year.
Nationwide, RealPage says most of the growth is happening in the south and west regions of the U.S., the same areas that have seen continuous growth since the end of the Great Recession. Other high growth markets include Phoenix, Los Angeles and Atlanta.
Metro Houston’s population has grown by more than 1 million residents over the last decade to 7.1 million people. The region gained 91,078 new residents between July 1, 2019 and July 1, 2020, the third largest numeric increase in population among U.S. metros. Job growth is likely to aid continued population increases. The region is expected to gain more than 75,000 new jobs this year, according to the Partnership's employment forecast.