Construction Is Booming
Rents in San Antonio have been rising — alarmingly — for a while, but there might be some relief on the horizon. Of the more than 320,000 new apartments in the U.S. slated to reach completion this year, RentCafe reports that Texas can lay claim to about 70,000 of them.
That's 22 percent of the national inventory, spread out over Texas' four biggest metros of San Antonio, Austin, Houston, and Dallas-Fort Worth.
San Antonio is putting out the welcome mat for 7,158 units, landing it in the top 20.
First-place Houston is getting 25,935 units, which is seconded by DFW's 23,159 units. Filling out the top five are some heavy real estate hitters: New York, Los Angeles, and Washington. Austin is gaining 13,568 new units, the sixth most in the country.
This 50 percent increase in apartment construction should signal a cool-down in most big cities from the recently overheated pricing. Of these new apartments, expect more than half of them to be one-bedroom units. And expect them to be fancy.