With apartment occupancy rates nearing capacity in many of the nation’s biggest metros, new builds are becoming the saving grace for apartment hunters across the U.S. But which cities will be the best for finding new apartments in 2023? According to RentCafe, the answers are in Texas.
Using data from Yardi Matrix, RentCafe determined the top 50 U.S. cities to find new apartments in 2023 based on new apartment construction in the past decade, square footage, citywide occupancy rates and overall neighborhood/location. Twelve Texas cities made it onto RentCafe’s list, with 6 Lone Star cities falling in the top 10.
Midland ranks second overall with a 56.8% increase in new apartments in the past decade, 40.7% of which are located in top neighborhoods. Apartment supply in Midland sits at only 81.8% occupancy. In contrast, the city of Frisco (No. 4 on RentCafe’s list) has seen a 197.4% increase in new apartments in the last 10 years, but citywide apartment occupancy is at 95.1%, meaning available inventory is low.
Also high on the list are the Houston suburbs of Humble, Spring and Katy and the Dallas suburb of McKinney.
Further down the list are the cities of Round Rock, Richardson, College Station, Conroe and Plano. Houston ranks at No. 35 on RentCafe’s list, with a 20% increase in new apartments (a majority of which are in top locations).
The No. 1 city in the country to find new apartments in 2023 is Boca Raton, Florida: 96% of the city’s new apartments are in prime locations and have an average size of over 1,000 square feet.