Top Metros

For multifamily growth

By Erica Rascón on Apr 3, 2014 in News

Are we on the path back to the good old days of booming prosperity in real estate? Any step forward is a step in the right direction. Explore the top ten hottest metropolitan areas that are leading the surge in multifamily unit construction.

Washington, D.C. The population rose by about 10 percent from 2000-2012. While job growth is a contributor, reverse sprawl has suburbanites returning to the city.  A blend of Baby Boomers and Millennials are taking up residence downtown. These new tenants are drawn to the conveniences of pedestrian-friendly living.

Dallas The city seems unstoppable. Dallas continues to be a leader in population growth, now estimated to grow at 345 people per day or nearly one person every four minutes. Jones Lang LaSalle suggests that the Dallas-Fort Worth population will reach 9 million people in the next 16 years. Job growth in the financial services sector attracts talent to the city.

Houston Houston welcomes more than 302 people per day. Like Dallas, Houston residents are drawn to the city’s job growth in the private sector. Dallas and Houston have been economic powerhouses throughout the new millennium.

Los Angeles Interestingly enough, LA is losing ground in its trademark markets. The city doesn’t boast much in terms of job growth, either. New construction is an optimistic risk but developers are taking the leap. If we build stunning, eye-popping high-rises, they will come.

San Francisco The city suffered from a 10.1 percent unemployment rate in 2010. By the close of 2013, unemployment dropped to nearly 5 percent. Job growth has revitalized the city so that it is bursting at the seams. A lack of competition has led to some of highest rents in the nation. As far as apartments for rent in San Francisco go, new construction can’t come fast enough.

Austin The comparatively low cost of living makes this robust job market one of the most appealing in America. Forbes lists Austin’s cost of living at only 8.9 percent above the national average (compared to 29.8 percent for NYC).  People continue to flock to Austin so that they can earn well and live even better.

South Florida Yes, it’s what you’re thinking. Baby Boomers are flocking to The Sunshine State for retirement but that’s only part of the growth. The state has witnessed a slight rise in births, a decline in deaths, and a growing immigrant population.

Denver Denver’s population has grown quite steadily due to in-migration, reeling in heaps of degree holders. These young adults seek quality employment, access to natural wonders, and trendy living accommodations. In 2012, metropolitan Denver received approximately 15,400 residents from other states.

Raleigh The population of Raleigh has increased nearly 47 percent since 2000. The productivity and job growth lag behind the population increase but leaders in The Triangle are making room for growth anyway. The region is improving public transportation, infrastructure, and creating appealing packages for companies looking for a home in the sunny south.

Atlanta Atlanta’s population growth has slowed, as have the building permits. But slowing down isn’t stopping (or dropping) so Atlanta shimmies its way onto the list. A recent spurt in the job market may boost Atlanta’s growth back to pre-recession percentages.

If cities throughout Texas are receiving such a vast wave of residents, where are these people coming from? A few common contributors are Chicago, Detroit, Pittsburg, and Cleveland. Like many other mid-west and mid-Atlantic cities, these cities lead the pack in population decline.