The Austin, TX skyline. Title image via.
Curbed magazine recently published a list of nine real estate markets to watch in 2018. Here are the top four.
As U.S. cities continue to expand, investors must decide where exactly to go with their money. These so-called second-tier cities are having their moment.
1. Austin, Texas
Job growth in Austin expected to be in the 3% range this year. When combined with the continued attractiveness to millennials, the booming local culture, and growth in the tech sector, Austin tops this list.
2. Dallas, Texas
Dallas is growing at a fast pace. 24,000 apartments were built in Dallas last year alone. That is second only to New York City in the USA. Unlike pricier markets on the coasts the median rent in Dallas is $1,621 and the median home price is $218,300. That alone is probably enough to attract would be homebuyers. When you consider Dallas has added 717,000 jobs since 2010, it is easy to see the possibilities here.
3. Denver, CO
Denver has a new G Line light rail opening soon, which will connect many parts of the metropolitan area. Active apartment construction in several areas of the city continues. There is a new massive transit-oriented development coming to Stapleton. The billion-dollar National Western Center development should kick off roadwork and initial build-out early this year. Combine all of this with the planned construction of a 90-story skyscraper named Six Fifty 17, and it seems to symbolize the region’s ambition and growth.
4.Fort Lauderdale, FL
Once the mecca for students on spring break, developers are taking the sleepy downtown and building new condos, rail connections, and arts districts.
The MASS District (Music & Art South of Sunrise) and FATVillage (Flagler Arts Technology Village) have brought tech people and artists to the city, while a transit hub built around a new rail connection to Miami and an inner-urban streetcar system have brought renters to downtown. Builders have responded in kind.
According to one developer, downtown will boast 13,000 total units when this current wave of construction projects are complete. The soon-to-open 223-room Dalmar Hotel will feature a rooftop patio, and the luxury Icon Las Olas, a 272-unit luxury apartment tower, will take up prime real estate downtown. They’re big signals that the development at the center of the city is moving away from the beach.