Texas is home to several of the nation's leading markets in apartment supply and demand over recent years, according to a RealPage analysis. Those markets include Houston, Dallas, Fort Worth, San Antonio and Austin. Among them, Bayou City recorded the most net demand in the first quarter.
But all three ranked among the nation’s top five markets for demand for the year ending in the first quarter. Joining them to round out the top five were New York and Phoenix, the analysis found. Meanwhile, Dallas, Houston and Austin also ranked among the nation’s top five markets for apartment supply over the past year, joined by Phoenix and Atlanta, said RealPage.
Houston was the only Texas market to rank among the nation’s top five for demand surplus during the past year, according to the analysis. Annual absorption in the market topped concurrent supply by more than 8,000 units for the year ending in the first quarter. New York had a larger net demand volume, while Los Angeles, Washington, D.C. and Chicago also ranked among the top five. With demand exceeding supply by 3,500 units, Dallas just missed out on making the top five across the country.
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Austin is the only large Texas market where demand has lagged supply, although the gap was negligible, at only about 50 units, according to RealPage.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
