Some suburbs are better-equipped than others with new apartments to meet the potential trend to suburban living that has been caused due to the pandemic shift toward work-from-home solutions, according to a study from Rent Café.
If work-from-home is going to become the new normal, we might expect to see a “significant reversal of recent homebuilding patterns,” according to a housing study by Harvard University.
Regions that have grown significantly in population in recent years are seeing a boom in apartment development, and the southern states clearly dominate the map.
Suburban Texas is a great example, claiming more than a third of the national list.
Out of the top 20 suburbs with the most apartment developments delivered since 2016, eight are in the Lone Star state. Second is Colorado with three suburbs in the top for the highest number of newly-built apartments in the country. And Florida, Arizona, and Nevada suburbs are also among the national leaders, the Rent Café study says.
- Nationwide, there were more than 501,600 apartments delivered in the suburbs in the last five years.
- Out of the top 20 suburbs with the most delivered, eight are in Texas, with the Dallas metro accounting for the majority of suburban deliveries here.
- With more than 8,000 new units, Frisco, Texas is the suburb with the highest number of apartments built in the last five years. McKinney, Texas came in second with 4,800 new apartments, followed closely by Chandler, Ariz., and Spring Valley, Nev.
- Looking at the 1,300 suburbs analyzed, new apartments account for a 30 percent average of the suburban rental stock. Garden apartments were the most popular type of development.
“To find the suburbs that offer the most options for renters, we analyzed Yardi Matrix data for large-scale apartment buildings of 50 units or more, in search of suburban areas that have developed the most,” the report says.
“These locations are also great options for those considering a move to the suburbs because of their proximity to the core cities; 12 out of the 20 suburbs on our list are located no more than 20 miles away from an urban center.”
The No. 1 suburb for new apartments
The suburb with the highest number of apartments built in the last five years is Frisco, Texas.
- With 8,044 apartments built and spread across 25 apartment buildings, this fast-growing city in the Dallas metro area has recently built a significant share of new rentals, most of which are in garden-style complexes. Frisco is located just 28 miles from Dallas. Details:
- Apartments built in the last 5 years: 8,044
- Number of buildings built: 25
- Share of apartments built: 42 percent
- Population: 200,513
- Most common type of building: Garden
With the suburbs now finding new appeal for renters, some are better-equipped than others to meet the potential change to suburban living.
RENTCafe.com is a nationwide apartment search website and a part of Yardi. Our original city-based research, insights, and in-depth analysis of the real estate market have been used in stories featured on major media publications across the U.S.