SpareFoot, an online marketplace for the self-storage industry, recently released a list of America's “Top 15 Apartment Boom Towns.” To compile the list, the company used recent data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, and averaged growth rates over a few years to ensure one-year spikes wouldn't skew the rankings. Personal income and gross domestic product (GDP) data were adjusted for inflation.
To rank the towns, SpareFoot analyzed the following characteristics:
- Total apartments per person
- Population growth
- Percentage of people spending more than 35 percent of their income on rent
- Per-capita personal income growth
- Per-capita GDP growth
- Growth in per-capita construction permits for new apartments
The top 15 towns, ranked in descending order, are:
- San Jose, Calif.
- Austin, Texas
- Grand Rapids, Mich.
- Nashville, Tenn.
- Dayton, Ohio
- Portland, Ore.
- San Francisco
- Dallas-Fort Worth, Texas
- Oklahoma City
- Minneapolis-St. Paul, Minn.
- San Antonio
- Des Moines, Iowa
San Jose's continued job growth, along with its shortage of affordable entry-level homes, encourages younger workers to look for apartments, according to Matthew Mahood, president and CEO of the San Jose Silicon Valley Chamber of Commerce. "The apartment-housing market has responded to this increased demand and has built and will continue to build new projects,” Mahood said. “In fact, there are two high-rise projects being built simultaneously in downtown San Jose that will provide for nearly 700 for-rent units in the next two years.”
Additional list statistics are available on The SpareFoot Blog.
Founded in 2008, SpareFoot.com helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 7,000 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com, Apartments.com and Penske Truck Rental.