Austin had the hottest multifamily construction activity in the country, counting 61,873 units underway as of May 2023. According to Multihousing News, they barely beat out Dallas, who has just 1,341 short of Austin. In addition, the metro had more than 106,000 units in the planning and permitting stages.

Austin developers are building larger communities compared to other metros in this ranking, as well.

When it came to delivering finished products during the first four months of 2023, Austin ranked fourth among the markets in this list. The number of units that came online accounts for 3.5 percent of Austin’s existing multifamily stock, only behind Miami (3.8 percent), Atlanta (3.7 percent) and Phoenix (5.3 percent). In 2022, the metro’s multifamily inventory added 16,093 units (4.4 percent of total stock), behind Dallas and Houston.

Eventhough Austin leads the country in construction starts, new construction dropped in 2023, versus 2022.