Beryl is expected to result in $28-32 billion in economic losses across the US

🤌 The weekend is this close.

Today's newsletter is 516 words — a 3-minute read.

1. Hurricane Beryl is projected to cause $28-32 billion in economic losses across the US

The costs of Hurricane Beryl's damage are adding up fast. It is estimated that the storm will cost a staggering $28-32 billion in total damage and economic losses.

AccuWeather issued a preliminary estimate that looked at both direct and indirect impacts of the storm, long-term effects on transportation, tourism, and even what's still expected as Beryl moves into New England.

The state is asking anyone who has suffered damage to report it to the Texas Division of Emergency Management website, as this plays a significant role in receiving additional federal money for storm victims.

2. San Antonio apartments keep getting bigger

New units now average 903 sq ft, up from 846 sq ft for those built before 2014. This increase is due to people wanting more space, either because they are delaying buying a home or working from home.

San Antonio ranks seventh in the country for new built-to-rent homes, which average 1,493 sq ft. However, the average size of apartments under construction in the city is expected to reach 972 sq ft.

Here is an interactive map showing the average size of new apartments built between 2014 and 2023 across the nation.

3. Catch up quick

🏘️ PulteGroup breaks ground on new master-planned Ryehill Communities in Sugar Land. (FT)

🙌 Dallas' historic Liberty Building, once purchased for $1, sold again after painstaking 'brick by brick' relocation. (WFAA)

👩‍💼 Mayor John Whitmire appoints real estate veteran Vonn Tran as Houston's new Director of Planning and Development. (Houston)

💵 Unexpected costs of owning a home in hurricane-prone areas. (Realtor.com)

❎ CoStar pulls two Homes.com ads after Move challenges traffic numbers. (NAD)

4. Where people are moving in Dallas Fort Worth Area

New Census Bureau city population estimates, released in May found that Forney, located in Kaufman County east of Dallas, led the nation for estimated population growth from 2020 to 2023 at 51.2%.

Prosper, in Collin and Denton counties, ranked No. 6 nationwide and No. 2 in North Texas with an estimated 38.1% growth between 2020 and 2023. LINK

Here is a table highlighting the population growth of various North Texas cities:

5. The rental market slowdown is leveling off, a June 2024 rental market report

Rents are growing at their fastest annual pace in nearly a year and concessions offered by landlords and property managers have flattened after reaching a three-year high this spring.

According to the Zillow Observed Rent Index, the typical rent across the U.S. is now $2,054. That is up 3.5% from last year, the fastest annual growth since last July.

Rents grew 0.5% month over month in June, only slightly below the pre-pandemic average month-over-month change for June of 0.6%. LINK

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.

Interested in advertising with Texas Real Estate News? Email Us