Dec 13, 2021 - Real Estate
Austin's top neighborhoods for new apartment construction
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Austin apartment development is booming, but unlike in most major cities, the area's new apartment construction is spread throughout the metro area, rather than heavily focused in downtown.
Driving the news: A report from RentCafé found that southwest Austin's Oak Hill saw the most newly constructed apartments, amounting to 7% of the city's apartment boom. More than 2,200 new units were built there in the last five years.
- North Austin's Avery Ranch was the second choice for builders, with almost 1,700 apartments. That's 6% of the units built in the city since 2017.
Zoom out: Roughly 1.6 million new rentals were built across the country in the last five years, with California, Texas and New York leading in apartment construction, a report from RentCafé found.
- Construction data for the 50 largest U.S. cities shows that the 20 most active neighborhoods for new apartments were mostly hyper-urban, centrally located areas sought after by millennial and Gen Z renters.
- Downtown Fort Worth's apartment construction beat out every other Texas city, with more than 4,600 new units built in the area over the last five years.