How much space does Austin have for apartments? Probably not as much as it needs, the Austin Business Journal reports.
RealMassive calculated that Austin has space to build 5,210 more apartment buildings. To get that number, RealMassive looked at the number of pieces of land that are currently zoned for multifamily residential uses in Austin and the surrounding area. That gave them a figure of 273 million feet of potential multifamily apartments under current zoning laws.
Many of those pieces of land are being used for other purposes, from single family homes on acreage to car washes to parking lots and are not being used to their full potential. Just 95 million square feet of development exists right now on those pieces of land, whose median assessed value is $374,826 each.
However, Austin’s space for new apartments pales in comparison to the space available in San Antonio. San Antonio’s potential for multifamily development is 5 billion square feet on 20,320 parcels. Currently those pieces of land have just 133 million square feet of developed real estate and their median assessed value is $63,063.
Other Austin suburbs that were examined include Hutto, which has 8,704 parcels of land that could be used for multifamily, Taylor, which has 935 such parcels, and Buda, with 825.
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