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Dallas and New York surged ahead of Houston as the nation’s top markets for apartment completions in 2017, a new report showed.
Houston, the top ranked market in 2016, came in as No. 3 in the nation with 21,404 units completed in 2017, according to RealPage. That compares with 22,471 units in 2016.
Residents displaced by Hurricane Harvey filled apartment units toward the end of the year. Area renters absorbed 9,000 units in the fourth quarter, outstripping the supply of new units during the period, according to commercial real estate firm CBRE.
Apartment completions in the 150 largest metro areas reached a 30-year high of 395,775 in 2017, a 46 percent jump from 2016, RealPage said. The supply is projected to fall to 300,000 this year.
The Dallas metro added nearly 28,000 units in 2017, followed by New York with 23,207. Austin also ranked among the top 10, with 10,907 units completed in 2017, behind Washington, D.C, Atlanta, Los Angeles, Seattle and Nashville, and ahead of Chicago.
Headquartered near Dallas, RealPage provides software and data analytics to the real estate industry.