Austin is on track to build 23,434 apartments by the end of 2023, the third highest number of any city in the country. The metro moved up from its fourth-place ranking on that list, part of annual report from Rent Cafe, where it sat during the pandemic-related building boom of 2020-2022. There were 45,051 apartments built in the city during that period, with Austin being the city in the metro with the largest percentage of those.
The report offers more interesting tidbits related to Austin’s apartment construction scene:
In Austin, developers are set to open 23,434 rentals by the end of 2023, in an effort to keep up with the high influx of new residents relocating to the area each day. This figure falls just shy of Dallas – Texas’ top builder this year, where developers are on track to build 23,659 new rentals.
Metrowide, the cities expected to deliver the most apartments are Austin proper (12,692 units), followed at a great distance by Georgetown (2,154 units) and Round Rock (1,481 units).
During the pandemic, Austin metro built a whopping 45,051 apartments. Specifically, Austin proper added 29,115 units between 2020 and 2022 – the largest number among all the U.S. cities, followed at a great distance by San Marcos, with 2,637 apartments, and Georgetown, with 2,112 apartments.
The report also notes the predominance of Texas cities in its rankings during the "pandemic apartment boom." In the years between Dallas built 76,660 new units, Houston built with 53,741, and and San Antonio saw 18,871 new apartments built.
Nationwide, there were 1.2 million new apartments built during the same period, ith another 1 million units expected by the end of 2025.
The average rent in Austin is $1,806 per month, compared to the national average rent of $1,726, according to RentCafe, and the average apartment size in the city is 863 square feet.
