Apartment construction in certain Austin zip codes has surged to such an extent that it rivals the numbers seen in some areas of Chicago or New York. According to a recent report from RentCafe, these are the Austin zip codes that built the most apartments in the last five years:
- 78660 in Pflugerville: 3,879 new apartments
- 78741 in Austin: 3,606 new apartments
- 78702 in Austin: 3,493 new apartments
- 78705 in Austin: 3,282 new apartments
Pflugerville’s fast-growing 78660 ZIP code saw more apartments built than the entire cities of Buffalo, N.Y. and Albany, N.Y., combined, the report said.
Inside Austin's city limits, the 78741 ZIP code — around the Montopolis area in Southeast Austin — claims the top spot for building the most apartments over the past five years, the report says.
RentCafe said apartment data for the study was provided by its sister company, Yardi Matrix.
Here's what the report said about the Austin-area ZIP codes where apartment construction has been booming in record time:
- Pflugerville's 78660 is the 20th hottest ZIP code in the nation for apartment construction. The area just north of Austin added 3,879 new apartments in the past five years, which translates into a growth of 65%. Most of the newly built units are in the high-end category, as the ZIP is home mostly to high-earning renters with a median age of 35.
- Next in line at No. 25 is 78741, where most new apartments came online within Austin proper — 3,606 in all. Unlike many other top-ranked ZIP codes, only 45% of its newly built apartments fall into the high-end category.
- Also within the heart of Austin, 78702 and 78705 have seen substantial additions. They each have built more than 3,000 new apartments in the past five years. Half of those living in 78705 are above the age of 21, while the median age in 78702 is 35.
- While some neighborhoods in Austin may not top the list in terms of new apartment numbers, they are seeing tremendous changes because their original stock of apartments was smaller. For example, ZIP codes 78641, 78724 and 78747 more than doubled their supply of apartments in just five years.
- Statewide, the Dallas metro area has eight ZIP codes in the top 50 (the most in the U.S.) by units completed, with Frisco's 75034 being the hottest. Houston is not far behind, boasting three ZIP codes among the top 50. No other Texas metro area made the list.