Houston's new apartment construction soars

Houston leads the nation in new apartments built in the first half of this year.

Why it matters: The city needs more housing — particularly affordable housing. A new supply of units could eventually bring down rental prices, which have recently soared alongside housing prices, making it harder for people to find an affordable place to live, Axios' Jacob Knutson reports.

What's happening: About 17,800 new apartments are expected to be completed in Houston this year, according to RentCafe.

• The construction boom is likely driven by increased prices of single-family homes, high inflation and rising interest rates.
• Plus: More people are moving to Houston with companies like NRG Energy and Exxon Mobil Corp. relocating, causing the Bayou City's population to grow more than most metros.

Zoom out: New apartment construction in the last two years is at a 50-year high nationwide, per RentCafe.

Reality check: Despite apartment developers picking up the pace, rental prices still appear to be skyrocketing across the country.

• Rent prices in the Houston metro in August were up 14% since March 2020, according to Apartment List estimates.
• The average rent for an apartment ranges from $724 in South Park to $2,132 near Montrose, according to RentCafe.
• Yes, but: While Houston is becoming a more costly city, it's still nowhere near as expensive as other metros, like Austin.

Go deeper: Why rents are soaring pretty much everywhere in the U.S.