Texas has seen strong growth in the markets we track despite the unique challenges we faced in 2020. Due to new companies moving to the state and the draw of a number of industries, net migration to the state increased. Companies such as Apple, Oracle, and Tesla have moved significant parts of their operations to Texas or have even relocated their headquarters to the state.
More people in the state means a higher demand for rental properties. While Texas overall has seen an increase in the demand for housing, San Antonio is experiencing incredible demand. In fact, experts have predicted that over the next eight years, rent in the city will increase as demand outpaces supply. It’s likely that San Antonio will even experience a housing shortage of 55,000 units or more over the next 8 years. Investing in multi-unit real estate is certainly going to pay off.
But that’s not all the good news for San Antonio. According to a survey done by RENTCafe, many millennials are moving to the city. These young professionals made up 44.8 percent of all applicants for rental properties received over the past five years. San Antonio was already known for its “diverse economy, below-average unemployment rates and an affordable housing market” according to RENTCafe, all of which make it the ideal place for millennials and others looking for a great location to begin or advance their careers.