The coronavirus pandemic has brought many activities to a unsettling halt. But it has failed to blunt San Antonio’s apartment construction boom.
New data from Yardi Matrix, a supplier of commercial real estate data and research, shows more apartments were completed in San Antonio during the first six months of 2020 than anywhere in the U.S., except Austin. In the first half of the year, 2,871 new apartments hit the market in San Antonio.
In the first half of the year, construction of 3,827 apartments was finished within the city of Austin, which ranks No. 1, according to Yardi Matrix. Also in the top 20 are Houston, No. 7 with 2,085 apartments; Dallas, No. 8 with 1,869 units; and Farmers Branch, No. 18 with 1,161 units.
“Around the U.S., we have seen a variety of states, counties, and cities choose to close nonessential businesses or ‘stay at home’ or ‘shelter in place’ orders. For the most part, construction activity has been included as an essential activity that can continue with business as usual during these orders,” Doug Ressler, manager of business intelligence at Yardi Matrix, says in a release.
In total, there are 4,595 new units on tap for San Antonio this year. That means Alamo City ranks No. 19 for predicted apartment completions. However, that total would represent a 20 percent jump over last year, putting San Antonio in fourth place for the percentage increase from 2019 to 2020.
In the Yardi Matrix forecast, Dallas-Fort Worth eclipses all other U.S. metro areas for the number of new apartments predicted to be finished this year — 19,318. This would be DFW’s third year in a row to lead all metro areas for annual apartment construction, with New York City claiming second place.
While that’s an impressive amount of apartments, this year’s anticipated final total for DFW would be down 29 percent versus last year, Yardi Matrix says.
In third place for projected apartment completions in 2020 is the Houston metro area. Yardi Matrix foresees the region welcoming 10,404 new apartments this year, up 2 percent from 2019.
Austin is projected to complete 9,342 apartments this year, putting it in fifth place among U.S. metro areas. Compared with last year, completion of new apartments in the Austin area is expected to rise 9 percent in 2020.