Luxury Apartment Living
It seems that in San Antonio we like our apartments fancy. How fancy? One-hundred percent of all the apartment projects completed in 2015 were high-end.
Using data from Yardi Matrix, RentCafe sifted through all the large-scale, multi-family properties built last year to find the high-end or luxury ones. According to the results, many Texas cities are destined for more luxury living.
In Dallas, 93 percent of all new apartments that went up last year were high-end. In Austin, it was 92 percent. Eighty-nine percent of Houston's new apartments were high-end, and Fort Worth slides in with 86 percent.
Nationally, the trend is at 75 percent, with the Southwest (hello) and Mid-Atlantic regions leading in luxury construction at 88 percent.
A handful of cities experienced "spectacular" growth in the luxury apartment area, including Midland-Odessa and its 800 percent increase. In 2012, there was just one high-end rental complex. As of 2015, there were nine.
RentCafe points out the Texas domination, noting that "urban Houston, Dallas, San Antonio, Austin, Midland, Fort Worth, and Spring saw a combined total of 103 new luxury rental properties in 2015 and only six non-luxury rental properties."
These well-off renters-by-choice are proving their demand, as RentCafe found that the average occupancy rate in high-end rental properties was 95.8 percent as of the end of 2015.
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