A recent report from the analytics firm RealPage shows that Houston is among the Top-10 cities in the country when it comes to the building of new apartment units for 2022.
Houston is expected to add more that 17,000 apartment units in the metro area this year in response to the steady population growth that has been seen in the city in recent years.
Developers are projected to add approximately 17,053 new apartment units by year’s end, which will be a 2.4% increase in inventory.
Where Houston ranks among other cities
As mentioned above, Houston will be inside the top ten for most apartment units added among the nation’s 50 largest apartment markets in 2022, coming in at number seven overall.
While Houston ranks highly in national terms when it comes to the building of apartments in the new year, it ranks third overall in the state, with Houston and Dallas ranking 4th and 6th respectively in the RealPage report.
Where the units are being built
While apartment units are popping up all across Greater Houston, much of the building is happening in the urban core including Downtown, Montrose and Uptown.
There has been a mixed-use building boom taking place along Allen Parkway between Downtown and Shepherd Drive as well.
Why is there such a need for apartments?
The need for so many thousands of apartments is thanks in large part to the population growth that has been seen in the Metro Houston area over the last several years.
In fact, over one million people have flocked to the city over the last decade, with the latest census data reporting over 7.1 million people living in the metro area.
The region gained more than 91,000 new residents between 2019 and 2020, equating to roughly 250 people per day, the third largest population increase among U.S. metro areas during that time.
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