Rental boom is big bucks to SA economy
Millennials play large role in apartment surge
SAN ANTONIO – A new study released out of George Mason University shows the Alamo City benefiting from the apartment industry construction and rental boom.
The latest numbers from 2013 show apartment construction, operations and resident spending contributed $4.4 billion locally and supported more than 43,000 jobs to the metro area.
The rental boom, both locally and nationally, has been fueled by demographic changes like the growing millennial population and a rediscovery of metropolitan urban cores.
Simone Vannoy loves the convenience apartment living has to offer. That's why she's called the Vistana downtown home for the past two years.
"It's low maintenance. I have nothing to worry about. I can lock it up and leave. We don't have to worry about repairing anything, don't have to worry about a yard, it's really a perfect situation," said Vannoy.
Vannoy is part of the growing population rediscovering San Antonio's downtown. The trend is so hot the community director at the Vistana, Roxann Belasquez, said the building is at 95 percent capacity.
"Downtown living is definitely a luxury and a convenience. You have the city as your backdrop, you get to walk to work and then walk and go play," said Belasquez.
And with more apartment buildings being designed with larger, family-friendly floor plans and an assortment of amenities, Belasquez said apartment living is sometimes tough to pass up.
"You don't have to be stuck in a house with a mortgage. You can, once your lease is up, (say,) 'Let me check out this area, or this new building.' New construction is going up all around us, which is a really great thing," said Belasquez.
Nationally, the apartment industry and its 36 million residents contributed to an impressive $1.3 trillion to the U.S. economy, supporting more than 12 million jobs across the U.S.
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