It's not your imagination. Texas contractors have been building a lot of apartments. In North Texas, apartments are almost always on the luxurious end.
According to the latest numbers from Yardi Matrix, Texas has four of the top six cities for new apartment construction over the last 10 years.
Houston leads all U.S. cities, building 77,000 units between 2012-2021. Austin came in third with 65,000 units, then it was Dallas in fourth at 55,000 units. San Antonio built 52,000 units in the period, which was good for sixth. Another Texas city, Fort Worth, checked in at 17th with 24,000 new units.
Additionally, they looked at the top cities for luxury apartments. That's where North Texas shined with Plano, Dallas and Irving all ranking in the top 10 for the highest percentage of new apartments that are considered "luxury" apartments.
98.5% percent of the 8,300 units built in Plano over the last decade have been luxury apartments. That percentage was good for third in the nation behind only Gilbert, AZ and Chandler, AZ.
Irving and Dallas did well too.
"Irving ranks sixth for luxury apartments, with 97% of the over 5,600 apartments built since 2012 showcasing top-rated amenities," the report said.
And in Dallas, 96% of the new supply has been on the luxurious end.
"The development is looking at employment, they're looking at migration patterns, to be able to assess the demand," says Doug Ressler, manager of business intelligence with Yardi Matrix. "The Dallas area is a magnet now for employment, tech hubs, and things like that."
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