Texas Metros Outperform on the National Level
Metropolitan areas in Texas dominated in U.S. population growth and number of new residents from July 2020 to July 2021, according to the latest data from the U.S. Census.
The #1 location for population growth was Georgetown, Texas, located within the high-growth Austin metro – one of CONTI Capital’s target markets for multifamily asset acquisitions. Georgetown’s population increased an explosive 10.5% in that timeframe. Job availability is one factor contributing to this growth. Engineering and manufacturing company AirBorn, Inc. is headquartered there and is the largest employer in the area, according to the city of Georgetown, followed by a cluster of healthcare businesses.
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New Braunfels, situated within the San Antonio metro, attained a 8.3% population growth in that same time frame.
By the raw numbers, San Antonio added more people to its population than any other place in the U.S. The “Alamo City” saw its population increase by 13,626 people between July 2020 and July 2021, for a total of nearly 1.5 million residents. This growth slightly outpaces the metro’s average between 2010 and 2020, according to CoStar; San Antonio typically adds just under 11,000 residents a year.
San Antonio is the #1 market in the U.S. for increasing occupancy of single-family rentals, according to Yardi Matrix, and rents there have seen a steady climb.
Several Texas metros made the Top 10 places in numeric growth. Fort Worth, Texas saw its population increase by almost 13,000 in a year, and Frisco, located within the Dallas metro, increased its population by nearly 8,000 people.
Meanwhile, some of the nation’s most populous cities saw their numbers decrease in the same timeframe. New York City lost over 300,000 residents in a year, and the Gateway markets of Los Angeles and Chicago continue to lose residents.
Georgetown’s neighbor of Leander, also within the Austin metro, came in a close second with a respectable 10.1% population growth. SmartAsset has ranked Leander the #1 place to raise a family in Texas on account of the city’s great schools.
This latest Census report illustrates a corridor of booming growth in the heart of Texas – the Austin and San Antonio metro areas. Add in the population gain in the Dallas area, and Texas commands a great deal of apartment demand both now and in the foreseeable forecast.
CONTI continues to monitor population shifts closely, and we are confident in the pull of our target Sun Belt markets.