Why is it boomtime in El Paso for apartment construction? There are several drivers pushing much of the building:
- Continued expansion at Ft. Bliss. Ft. Bliss expects to add several thousand additional soldiers over the next few years and will not be able to accommodate all of them with on-base housing
- Growth and expansion at the Texas Tech medical school
- Continued growth of residents escaping the violence in Juarez
All told - it is estimated that El Paso will need an additional 8,000 apartment units to meet expected demand in the next 3 years.
Around 900 units are expected to be completed by the end of 2010 and another 1,600 to be completed by the end of 2011.
To support additional development, El Paso has begun offering a property tax rebate program to developers to spur multi-family construction. It appears to be working as projects totaling 3,000 units have applied and been accepted into the tax rebate program.
El Paso's apartment stats are truly remarkable and reinforce why there is a need for so much additional development. The vacancy rate stands at about 97% and rents have increased about 8%.
Continued steady job market growth and availability of housing - whether purchasing or renting - make El Paso a popular location for individuals, families and companies looking to relocate.
If you are contemplating relocation to or within El Paso, MoveVantage would like to see how we can assist you in your move. We are a national relocation services company focused on small business and consumer relocation and obsessed with delivering extraordinary customer service.
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I can be reached at 877.477.3542 or by e-mail at info@movevantage.com
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