The COVID-19 pandemic that sent professionals to indefinite work-from-home status created the perfect conditions for big tech companies to flee the Bay Area and head to Texas, according to a new report from housing site RENTCafé.
Tech-giants, like Oracle, HPE and Tesla, are all relocating their headquarters to Texas. RENTCafé's study looked at the reasons why the Lone Star State makes for an attractive package for Silicon Valley corporations and housing stands out.
The RENTCafé report notes:
- Texas has been the national leader in apartment construction for several years, delivering 500,000 new apartments over the past decade.
- Austin metro is in the process of building 31,000 apartments, 22,000 of which are located in the City of Austin — the most units to be delivered in any Texas city. With Oracle and Tesla setting up there, availability of housing is key.
- For tech professionals relocating to Texas urban cores, renting an apartment is cheaper than in the Bay Area. Around $1,600 gets a renter a high-end, two-bedroom two-bathroom rental in Austin, Houston or Dallas.
“Texas holds the indisputable advantage of land use,” said Doug Ressler of Yardi Matrix.
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