With over 500,000 new residents coming to Texas each year, new housing development is being forced to keep up. The share of residential units added as a proportion of the state’s population shows that Texas grew its housing supply by over 10 percent for every household during the period, more than double that of California and New York. Some of the top Texas metros and their surrounding areas including Dallas, Houston, Austin, and San Antonio have held some of the largest increases in new residential growth across the nation in recent years. San Antonio was the Texas city with the largest population gain from July 2016 to 2018, adding over 60 people every day – making it the nation’s seventh-largest city.
With this demand for housing outweighing the available properties in the state’s most desired city and suburban locations, an influx in both rental costs and home market appreciation is on the rise. Developers and property firms are more focused than ever on breaking new ground to make room for new and relocated renters and buyers.
Dallas-Fort Worth-based Western Rim Properties is focusing its expansion in some of these top surrounding city locations with three new projects coming in summer of 2019 to areas like Rowlett and Farmers Branch, and San Antonio. With its communities serving the growing need for affordable rental properties that provide some of the area’s highest quality accommodations, the development locations are also positioned where the market is headed. With a booming economy and job market that helped land Dallas as one of the top 10 home markets in the nation, it’s no surprise costs are increasing in the city and more people are looking for affordable alternatives near this leading location.