AUSTIN, Texas, March 11, 2014 (GLOBE NEWSWIRE) -- The San Jose, CA, metropolitan area tops a new list of America's Top 15 Apartment Boom Towns released by SpareFoot, which operates the country's largest online marketplace for self-storage.
Here is SpareFoot's ranking of America's Top 15 Apartment Boom Towns, in descending order.
|1. San Jose, CA|
|2. Austin, TX|
|3. Houston, TX|
|4. Grand Rapids, MI|
|5. Nashville, TN|
|6. Dayton, OH|
|7. Portland, OR|
|8. San Francisco, CA|
|9. Dallas-Fort Worth, TX|
|10. Oklahoma City, OK|
|11. Seattle, WA|
|12. Minneapolis-St. Paul, MN|
|13. San Antonio, TX|
|14. Des Moines, IA|
|15. Detroit, MI|
San Jose's continued job growth, along with its shortage of affordable entry-level homes, encourages younger workers to look for apartments, Matthew Mahood, president and CEO of the San Jose Silicon Valley Chamber of Commerce, told SpareFoot.
"The apartment housing market has responded to this increased demand and has built and will continue to build new projects. 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," Mahood said.
SpareFoot's ranking relies on this data for the 100 biggest U.S. metro areas:
- Total apartments per person
- Population growth
- The percentage of people spending more than 35 percent of their income on rent — lower numbers are better, as they indicate housing affordability
- Per-capita personal income growth
- Per-capita gross domestic product (GDP) growth
- Growth in per-capita construction permits for new apartments
SpareFoot used the most recent data available 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 GDP data were adjusted for inflation.
For details about SpareFoot's ranking of America's Top 15 Apartment Boom Towns, visit blog.sparefoot.com/5512-apartment-boom-towns.
SpareFoot makes renting self-storage easy. Our free marketplace lets customers find and reserve storage units online. We have the largest inventory of storage units in the U.S., with a network of more than 7,000 facilities ranging from mom-and-pop to publicly traded REIT. We reach millions of people who need storage through exclusive partnerships with brands like SelfStorage.com, ForRent.com and Penske Truck Rental.
For more information, visit SpareFoot.com.
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