Luxury living is flourishing in Texas.
Only two places in the nation — the St. Louis and Las Vegas metros — were more active in high-end apartment construction last year than Dallas/Fort Worth and Houston. Nearly all — 98% in DFW and 97% in Houston — of the projects delivered in 2017 were luxury.
Conversely, high-end construction has slowed in Austin from 94% in 2015 to 65% in 2017. Nationwide, high-end rental properties had risen to 79% of apartment construction in 2017, which is a big jump from 52% in 2012.
This is partially driven by increased construction costs, but demand for luxury housing is supported by a high demand for multifamily communities versus homes, population growth and a strong economy, according to a report by Rentcafé. Read more at: www.bisnow.com