Most New Units Since 1972: Developers Building Apt Units at Record-Setting Pace

A building boom. That’s what the U.S. apartment market is seeing this year, according to the latest research from Yardi Matrix.

In a report released in late August, Yardi Matrix said that construction crews will bring 420,000 new apartment units to the United States this year. That’s a 50-year high. According to Yardi, the last time apartment completions surpassed the 400,000-unit mark was in 1972.

And three Midwest markets are expected to rank among the busiest 20 major metropolitan areas this year when it comes to new apartment units: Nashville, Chicago and Minneapolis-St. Paul.

The New York metropolitan area is projected to deliver the most apartment units in 2022, beating out Dallas-Fort Worth for the top position for the first time since 2018. Overall, developers in half of the country’s top-20 metropolitan areas are now on an apartment building spree, with these metros expeced to hit their five-year highs in new multifamily construction this year.

“The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages; material costs and availability; and supply chain issues,” said Doug Ressler, manager of business intelligence at Yardi Matrix, in a written statement.

What’s behind this construction boom? Yardi Matrix points to pent-up demand for multifamily units across the country. This demand has only risen as many renters hold off on buying homes as inflation and interest rates rise.

In the Midwest, Nashville ranks as the hottest market for new apartment construction. Yardi Matrix says that this Tennessee city will deliver 9,620 new aparment units in 2022, ranking it as the 13th busiest new-construction market.

Chicago will see 8,573 new apartment units by the end of this year. That places the city as the 16th busiest in terms of new multifamily construction. Expect 6,266 new apartment units in the Minneapolis-St. Paul market, making it the 19th busiest new-construction market in the country.

Texas, as usual, was well-represented. Yardi Matrix reported that the Dallas market will see 23,571 new apartment units in 2022, placing it second only to the New York metro market. Austin ranked fourth on Yardi Matrix’s list, with 18,288 new apartment units projected to be delivered here during the year, while Houston ranked fifth with an expected 17,759 new apartment units.

Yardi Matrix said that the Houston market will see the highest number of apartment completions that it has seen in the last five years. Austin climbed three positions on the Yardi Matrix list this year to inch past Houston.

Blighted to Brilliant: The Revitalization of Cities Across Texas and the Lasting Community impact


Abandoned buildings, decaying properties and vacant spaces bring about all sorts of problems for communities. From an increase in crime to plummeting property values, it’s really something that impacts us all across the board. Luckily, some see these blighted areas as a chance to create a win for everyone. From Houston to Dallas and Austin to Fort Worth… once neglected areas are now thriving places for the community. It’s not just changing the landscape of these cities, but it’s bringing in money for businesses, investors and real estate companies.

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The Future of Shopping Centers ICSC Highlights


What is it about a shopping center that makes it successful? Big named stores? Well-known restaurants and entertainment? The formula that has worked in the past is changing and experts say, of course, it all comes down to what the consumer wants. This sign of the times also points to the end of the traditional shopping mall. These were just some of the highlights from the International Council of Shopping Centers Texas fall 2016 conference.

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Spacing out: Houston’s new spaceport promises endless development opportunities


International travel is about to take a wild detour, offering expedited trips just about anywhere in the world thanks to a network of spaceports cropping up all over the globe. One of those, the tenth in the U.S., is the Houston Spaceport at Ellington Airport.

Put simply, a spaceport is a site from which spacecraft are launched. Those craft could carry freight or passengers, depending on its intended use, though it’s likely space tourism will come first as a means of paying for future development.


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Finding its Center : How the Real Estate Center has changed the industry in Texas


There are few pieces of legislation that could pass through the Texas Legislature with unanimous votes, but one could also argue that there are few organizations as valuable to the Texas economy as the Real Estate Center at Texas A&M University.

“When our last funding increase went through, there was not a single vote against us in the Senate,” said Gary Maler, the center’s director.

Maler and those who preceded him in the position know the center’s challenges and triumphs, making the vote all that more satisfying.

“Unanimous. I’ll take that any day,” Maler said.


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