Lifestyle Market Insights

Top Booming Suburbs for Renters: Look to the South for Most Suburban Apartments Built in the Last 5 Years

With Coronavirus causing a shift towards work-from-home for countless companies across the U.S., the suburbs have a new-found appeal for renters because they offer an abundance of space, larger apartments and homes, and often lower rents than big cities. As such, with renters considering less dense areas to settle down in, as opposed to the once preferred busy, core cities, demand for rentals in the suburbs may take an upturn. And some suburbs are better-equipped than others to meet this potential shift to suburban living.

To find the suburbs that offer the most options for renters, we analyzed Yardi Matrix data for large-scale apartment buildings of 50 units or more, in search of suburban areas that have developed the most. For the best bet on finding brand new suburban apartments, look to the South. Here are the top 20 suburbs that built the most new apartments in the last five years.

With thousands of new suburban apartments opening their doors in recent years, renters have many popular locations to choose from. And if work-from-home is going to become the new normal, we might expect to see a “significant reversal of recent homebuilding patterns”, according to a housing study by Harvard University.

Regions that have grown significantly in population in recent years are seeing a boom in apartment development, and Southern United States clearly dominates the map. Suburban Texas is a great example, claiming more than a third of the national list. Out of the top 20 suburbs with the most new apartments delivered since 2016, eight are in the Lone Star state. Second is Colorado with three suburbs in the top for the highest number of newly-built apartments in the country. Florida, Arizona, and Nevada suburbs are also among the national leaders.

These locations are also great options for those considering a move to the suburbs because of their proximity to the core cities – 12 out of the 20 suburbs on our list are located no more than 20 miles away from an urban center.

Top 20 Suburbs with Most New Apartments in the Last 5 Years

RankSuburbStateMetroNew Apartments
1FriscoTXDallas8,044
2McKinneyTXDallas4,843
3ChandlerAZPhoenix4,805
4Spring ValleyNVLas Vegas4,559
5Farmers BranchTXDallas3,788
6SpringTXHouston3,775
7Grand PrairieTXDallas3,308
8King of PrussiaPAPhiladelphia3,030
9GarlandTXDallas2,865
10TysonsVAWashington2,562
11SandyUTSalt Lake2,432
12KatyTXHouston2,314
13Four CornersFLOrlando2,304
14MaitlandFLOrlando2,283
15GeorgetownTXAustin2,249
16Chula VistaCASan Diego2,174
17QuincyMABoston2,163
18LongmontCOBoulder2,154
19ParkerCODenver2,150
20WestminsterCODenver2,133

Below you can find more information about the top 20 suburbs.

1. Frisco, TX – Dallas Metro

    • New apartments in the last 5 years: 8,044
    • Number of new buildings: 25
    • Share of new apartments: 42%
    • Population: 200,513
    • Most common type of building: Garden

The suburb with the highest number of apartments built in the last five years is Frisco, TX. With 8,044 new apartments spread across 25 apartment buildings, this fast-growing city in the Dallas Metro Area has recently built a significant share of new rentals, most of which are garden-style apartment complexes. Frisco is conveniently located just 28 miles from Dallas.

2. McKinney, TX – Dallas Metro

    • New apartments in the last 5 years: 4,843
    • Number of new buildings: 19
    • Share of new apartments: 30%
    • Population: 199,174
    • Most common type of building: Garden

Also located in the Dallas Metro Area, McKinney comes in second for the most apartment construction in the last half-decade. It has brought its renter population 4,843 new apartments in 19 buildings of one to three stories high, divided mostly into garden-type communities.

 

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3. Chandler, AZ – Phoenix Metro

    • New apartments in the last 5 years: 4,805
    • Number of new buildings: 19
    • Share of new apartments: 21%
    • Population: 261,149
    • Most common type of building: Garden

     

The third suburb in the list is Chandler, just 22 miles outside of Phoenix. A share of 21% of its apartments were built in the last five years, bringing 4,805 new apartments to its housing market. Most of the 19 new buildings are part of outdoor-style complexes, with either one, two or three stories.

 

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4. Spring Valley, NV – Las Vegas Metro

    • New apartments in the last 5 years: 4,559
    • Number of new buildings: 17
    • Share of new apartments: 24%
    • Population: 222,372
    • Most common type of building: Garden

     

Located just outside of Las Vegas, Spring Valley has brought a significant number of new apartments to the Las Vegas Metro Area. With 4,559 apartments in 17 buildings, this suburb, considered a fringe of Las Vegas with it being just 10 miles away, has expanded the rental market in the area in the form of garden-type communities. The share of new apartments in Spring Valley is 24%.

 

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5. Farmers Branch, TX – Dallas Metro

    • New apartments in the last 5 years: 3,788
    • Number of new buildings: 11
    • Share of new apartments: 43%
    • Population: 35,552
    • Most common type of building: Garden

     

Another Dallas Metro suburb, Farmers Branch comes in fifth as far as apartment construction goes. Bringing 3,788 new apartments to the market, it has almost doubled the number of apartments it already had. These apartments are spread across 11 new buildings of mostly one, two or three stories. Farmers Branch is located 15 miles outside of Dallas.

 

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6. Spring, TX – Houston Metro

    • New apartments in the last 5 years: 3,775
    • Number of new buildings: 12
    • Share of new apartments: 20%
    • Population: 58,756
    • Most common type of building: Garden

     

Spring, located in the Houston Metro Area, 24 miles outside of Houston, has delivered 3,775 new apartments to the market in the last five years. Divided into 12 buildings made mostly into outdoor-type communities, these new apartments represent 20% of all apartments in Spring.

7. Grand Prairie, TX – Dallas Metro

    • New apartments in the last 5 years: 3,308
    • Number of new buildings: 11
    • Share of new apartments: 18%
    • Population: 194,522
    • Most common type of building: Garden

     

Grand Prairie, TX saw 11 new apartment buildings being constructed in the last five years. This Dallas Metro suburb, located just 13 miles outside of the city, has added 3,308 new apartments, with these new units representing 18% of all apartments in the area.

8. King of Prussia, PA – Philadelphia Metro

    • New apartments in the last 5 years: 3,030
    • Number of new buildings: 9
    • Share of new apartments: 51%
    • Population: 20,428
    • Most common type of building: Mid-rise

One of the few Northern suburbs on the list, located in the Philadelphia Metro Area, King of Prussia has doubled the number of apartments in just five years by adding 3,030 new rental units. The apartments are located in nine new residential rental buildings, the majority of which are mid-rise. The suburb is located 20 miles outside of Philadelphia.

 

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9. Garland, TX – Dallas Metro

    • New apartments in the last 5 years: 2,865
    • Number of new buildings: 11
    • Share of new apartments: 15%
    • Population: 239,539
    • Most common type of building: Garden

Garland, TX, located 20 miles Northeast of Dallas, comes in ninth in apartment construction with 2,865 new units delivered in the last five years. The new rentals are divided into 11 apartment buildings, mostly low-rise apartment communities. These apartments represent a share of 15% of all of Garland’s apartments.

10. Tysons, VA – Washington D.C. Metro

    • New apartments in the last 5 years: 2,562
    • Number of new buildings: 7
    • Share of new apartments: 42%
    • Population: 23,749
    • Most common type of building: High-rise

Part of the Washington D.C. Metro Area, Tysons was the tenth most active U.S. suburb in apartment construction in recent years. Delivering 2,562 new apartments in 7 buildings, the East Coast suburb increased its number of apartments significantly, with 42% being new apartments. Most of the new buildings are high-rise, having at least 13 floors. Tysons is located merely 16 miles away from the capital city.

 

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11. Sandy, UT – Salt Lake City Metro

    • New apartments in the last 5 years: 2,432
    • Number of new buildings: 8
    • Share of new apartments: 48%
    • Population: 96,385
    • Most common type of building: Garden

 

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12. Katy, TX – Houston Metro

    • New apartments in the last 5 years: 2,314
    • Number of new buildings: 7
    • Share of new apartments: 12%
    • Population: 18,094
    • Most common type of building: Garden

13. Four Corners, FL – Orlando Metro

    • New apartments in the last 5 years: 2,304
    • Number of new buildings: 8
    • Share of new apartments: 33%
    • Population: 38,983
    • Most common type of building: Garden

 

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14. Maitland, FL – Orlando Metro

    • New apartments in the last 5 years: 2,283
    • Number of new buildings: 8
    • Share of new apartments: 77%
    • Population: 17,622
    • Most common type of building: Garden

15. Georgetown, TX – Austin Metro

    • New apartments in the last 5 years: 2,249
    • Number of new buildings: 9
    • Share of new apartments: 40%
    • Population: 79,609
    • Most common type of building: Garden

16. Chula Vista, CA – San Diego Metro

    • New apartments in the last 5 years: 2,174
    • Number of new buildings: 12
    • Share of new apartments: 13%
    • Population: 274,485
    • Most common type of building: Garden

17. Quincy, MA – Boston Metro

    • New apartments in the last 5 years: 2,163
    • Number of new buildings: 10
    • Share of new apartments: 24%
    • Population: 94,468
    • Most common type of building: Mid-rise

 

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18. Longmont, CO – Denver Metro

    • New apartments in the last 5 years: 2,154
    • Number of new buildings: 11
    • Share of new apartments: 32%
    • Population: 96,672
    • Most common type of building: Garden

19. Parker, CO – Denver Metro

    • New apartments in the last 5 years: 2,150
    • Number of new buildings: 8
    • Share of new apartments: 41%
    • Population: 52,563
    • Most common type of building: Garden

20. Westminster, CO – Denver Metro

    • New apartments in the last 5 years: 2,133
    • Number of new buildings: 10
    • Share of new apartments: 18%
    • Population: 113,179
    • Most common type of building: Garden

 

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For a complete list of the top 50 suburbs with the most apartment construction in the U.S., check out the list here.

Check out the top suburbs for new apartments in your state:

Methodology

  • This analysis includes all rental units built between 2016 and 2020 in multifamily properties of 50+ units.
  • Apartment data was provided by our sister company, Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors.
  • Apartment projections for the year 2020 are calculated based on a Yardi Matrix proprietary algorithm, and it includes confirmed and likely completions for 2020 based on the issuance of a certificate of occupancy. Apartment projections are estimates and subject to change.
  • Population data from the U.S. Census Bureau.
  • Suburban mapping was done by RENTCafe, using U.S. Census Bureau geographical definitions to identify suburbs in metropolitan areas across the nation, excluding the core cities.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the research, graphics, and images presented in this article. When doing so, we ask that you credit our research by linking to RENTCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at media@rentcafe.com.


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About the author

Sanziana Bona

Sanziana Bona is a creative writer and researcher for RENTCafé, with a strong passion for the dynamic real estate market, covering topics from lifestyle to market trends. She has a B.A. in International Relations and Spanish from Michigan State University, a LL.M. in International Business Law, Contracting and International Relations from Instituto Superior de Derecho y Economía. You can connect with Sanziana via email.

Sanziana’s work has been featured in CNBC, CBS News, NBC New York, The Press Democrat, Wolf Street and The Registry San Francisco, among others. Prior to joining the RENTCafé team, she wrote extensive analysis papers on world topics such as human rights violations, international laws, and world conflicts, as well as arts literature, in both English and Spanish.

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