National Real Estate Investor's Diana Bell offers up this compilation of those metros expected to see the highest volume of new units this year, with two Texas locations topping the charts.
The list, which looks at completions for buildings with at least 50 units, shows Houston and Dallas running Nos. 1 and 2 this year, followed by Manhattan, Los Angeles, and Washington, D.C. Two other Texas metros, Austin and San Antonio, made the list as well:
New multifamily construction is at a 10-year high, according to Internet listing service RentCafe and sister company Yardi Matrix, which are projecting a 50 percent increase year-over-year in apartment construction for 2016, with 320,000 new apartments to be completed.
What unit sizes are developers favoring? This year, 51 percent of new apartments will be one-bedrooms. Of the remainder, two-bedrooms will [make up] 37.5 percent, three-bedrooms will represent 6.7 percent, and studios will make up the smallest share, at 4.7 percent of national rental inventory.