#Multifamily Permits Boom in Secondary Markets

The latest data from Dallas-based Axiometrics shows that multifamily permits were on the rise in October in almost all major metros in the United States.

But there were some surprises in terms of where the largest increases were taking place. One would think and expect metros like New York, San Francisco, and Washington, D.C. to top this list.

But some smaller cities had a more productive third quarter for permits than did many larger cities. In terms of the number of permits issued in October 2012 compared to October 2011, the leading cities were mostly secondary markets.

Texas comes in at the top with three cities enjoying a hearty permitting boom. Austin issued 10,066 permits in October, an increase of 6,806 from a year earlier. Houston added 5,095 units and permits in Dallas increased from 8,911 in October 2011 to 12,258 in October 2012.

Some of the other notable increases were in North Carolina and Florida. Raleigh, N.C. grew from 952 to 5,327 and Charlotte, N.C. went from 1,065 to 4,662. Further south, Jacksonville, Fla. went from a measly 237 last October to 2,691 year-over-year in 2012. West Palm Beach, Fla showed impressive growth as well, going from 219 to 2,592 over the same time period.

The other big gainers were Nashville, Tenn., which went from 532 permits last October to 2,525 new permits this year; Minneapolis, which increased 269 percent year-over-year from 1,246 to 4,600; and Seattle, which went from 3,923 to 7,589 this October.

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