The housing market may still be in a slump but the apartment rental market is continuing to thrive. After a couple years of a freeze on new construction, multifamily companies have finally started breaking new ground again. New apartment buildings are going up around the nation though it’s still going to be at least a year before tenants will be able to move in. Here are some of the hottest markets for new apartments.
1. Dallas-Fort Worth, Texas
Though the recession has hit the entire nation hard, Texas has weathered it better than many states so it’s no surprise that the metropolitan area of Dallas-Fort Worth shows up near the top of the list of cities with the most new apartment construction. Unemployment isn’t as high in Texas as it is in other states either, so new units may fill up quickly as they’ll likely attract renters from out of the area who are hoping to find work.
2. San Francisco and San Jose, California
The tech industry of Silicon Valley has had its ups and downs over the past years but it looks like things are starting to even out again. There’s no doubt that we are a nation that loves its technology and there is a growing market for electronics and software so, over time, San Francisco and San Jose are bound to see an increase in the number of jobs available. New apartments are under construction in many cities around the Bay Area, which has seen some of the highest rental prices in the nation. These new units should help keep rental prices more stable as they attract more tech-savvy professionals to the area.
3. Indianapolis, Indiana
Over the course of the past few years, Indianapolis has remained one of the most affordable large cities in the nation. New apartment construction will help keep rents down, attracting people from around the nation. Though the job market in Indianapolis is still a little shaky, there are plenty of people looking to move to The Crossroads of America. Renters looking to move to Indianapolis don’t need to wait for the new construction to be completed, either; there are lots of units available now and at quite reasonable prices.
4. Tampa, Florida
With low vacancy rates and relatively high-priced rentals, new construction in Tampa will help stabilize prices and attract more people to the area. Though the job market is tough in Tampa, new construction projects, such as the creation of new apartment buildings, creates many jobs and helps put money into a local economy. Once the buildings are ready for renters to move in, the influx of money into the Tampa economy will have hopefully improved to job outlook in this city enough to support the new people moving in.
5. Salt Lake City, Utah
People who have lost their jobs in other parts of the nation may be able to find work in Salt Lake City. It has one of the best markets for professionals such as teachers and a reasonable cost of living. The new apartment buildings going up in this city will help keep the cost of living down while attracting new people to take on the available jobs in the city.
Are you building or seeking an apartment in any of these areas? We’d love to hear your thoughts – here or on our Facebook page!