By Lindsay Machak
While development and demand in many western metros may be explosive, some Midwestern cities are also pretty healthy, and growing stronger, according to a recently released list of apartment boomtowns.
SpareFoot, a company specializing in offering self-storage solutions online, crunched data from several sources to come up with the top 10 apartment boomtown rankings. Census data and figures from the U.S. Bureau of Economic Analysis were meshed with growth rates, personal finance spending data and GDP information to calculate the rankings for the largest 100 metro areas, according to the company.
San Jose tops the list with solid occupancy and a healthy pipeline for growth. The metro area’s occupancy was reported at 96.1 percent last year, according to Axiometrics, a Dallas-based research firm. With a projected 4,301 units expected to come through the pipeline this year, analysts suspect occupancy may slightly dip to a healthy 95.9 percent this year as the new product is absorbed
Here are how the other cities fared:
Top 10 Apartment Boomtowns According to SpareFoot
San Jose, CA
Grand Rapids, MI
San Francisco, CA
Dallas-Fort Worth, TX
Oklahoma City, OK