In an article published March 24, on the multifamily executive magazine on-line, El Paso was ranked No. 20 for the hottest multi-family markets.
Monthly multifamily permit activity has been gyrating like a teenage pop singer of late-rising 17% one month, only to fall 8% the next. Clearer patterns emerge from an analysis of year-long, 2010 permit data. That analysis shows where 2011 development activity is likely to be concentrated. Based on sharp permit increases in many major markets, it looks as though the long-vaunted rise in demographically favored multifamily construction may be close at hand. Some of the largest household growth in this country over the next years will be in the 25 to 34 age cohort that’s most likely to rent apartments.
An analysis of preliminary 2010 permit data, courtesy of U.S. Housing Markets, shows where developers are already placing their chips. Here’s a list of the 20 largest markets for multifamily permit activity in 2010, along with percentage increases or decreases.
|
Rank |
Metro |
2010 Permits |
Increase (+) / Decrease (-) |
|
1 |
New York-Wayne-White Plains NY-NJ (Div.) |
8,305 |
+2% |
|
2 |
Houston+Baytown-Sugar land, TX (MSA) |
5,169 |
+4% |
|
3 |
Los Angeles-Long Beach-Glendale CA (Div.) |
4,784 |
+63% |
|
4 |
Dallas-Plano-Irving, TX (Div.) |
3,852 |
-15% |
|
5 |
Seattle-Bellevue-Everett, WA |
3,692 |
+57% |
|
6 |
San Jose-Sunnyvale-Santa Clara, CA (MSA) |
3,327 |
+622% |
|
7 |
Washington-Arlington-Alexandria, DC-VA-MD-WVA (MSA) |
2,501 |
+16% |
|
8 |
Chicago-Naperville-Joliet, IL (Div.) |
2,361 |
+73% |
|
9 |
Miami-Miami Beach-Kendall, FL (Div.) |
2,265 |
+331% |
|
10 |
Indianapolis, IN (MSA) |
2,128 |
+15% |
|
11 |
Tampa-St. Petersburg-Clearwater, FL (MSA) |
2,105 |
-32% |
|
12 |
Baltimore-Towson, MD (MSA) |
2,067 |
+7% |
|
13 |
Fayetteville, NC (MSA) |
1,967 |
+131% |
|
14 |
Minneapolis-St. Paul-Bloomington, MN-WI (MSA) |
1,921 |
+85% |
|
15 |
Edison, N.J. (Div.) |
1,811 |
+167% |
|
16 |
Boston-Quincy, MA (Div.) |
1,792 |
+13% |
|
17 |
San Antonio, TX (MSA) |
1,733 |
+242% |
|
18 |
Little-Rock-North Little Rock, AR (MSA) |
1,715 |
+38% |
|
19 |
Oakland-Fremont-Hayward, CA (Div.) |
1,634 |
+137% |
|
20 |
El Paso, TX (MSA) |
1,588 |
+188% |
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