Frisco and McKinney Rank Among the Top 5 Cities in the U.S. to Rent New Apartments

People looking for an apartment to rent prize many things: location, amenities, value, and more. But one feature is only offered by the most recently built communities: Newness. And four suburbs in North Texas have that quality in spades, according to a new report from RentCafe.

The report, Top 50 Cities for Finding New Apartments in 2023, ranks Frisco and McKinney as the No. 4 and No. 5 cities in the U.S. for finding an apartment that only a limited number of people—or maybe even no people—have lived in before.

Frisco showed a 197.4% increase in new apartments (defined as being built between 2012 and 2021), with 92.9% of them in “top locations,” a 95.1% occupancy rate, and a 933 SF average size. “Frisco is one of the fastest-growing cities in the entire U.S. thanks to its booming economy, amazing sports scene, countless entertainment options, proximity to the great outdoors and high safety rating,” the report states. “All of these perks combined work well to attract thousands of new renters each year. To that point, the number of apartments in the city has tripled since 2012. What’s more, the majority of those new apartments are in sought-after locations. But there’s a downside to the city’s tremendous popularity: almost all new apartments are occupied, confirming how sought-after Frisco rentals are these days.”

McKinney showed a 111% increase in new apartments, with 90.5% of them in “top locations,” a 94.1% occupancy rate, and a 918 SF average size. McKinney “is also one of the best places to live in Texas that new renters flock to,” the report states. “Just like Frisco, McKinney has a thriving economy, great quality of life and high-paying job opportunities in various industries, including technology, manufacturing, oil and defense. The number of apartments in McKinney has doubled since 2012, and over 90% are located in great neighborhoods with close-knit communities that are safe and welcoming. Those looking to score a new rental in McKinney should know that apartments here are in high demand.”

Two other Dallas suburbs made RentCafe’s Top 50 list: Richardson at No. 25 and Plano at No. 42.

In all, 12 Texas made the list, the best showing of any state in the nation. Not surprising, given how many people have been moving to the Lone Star State from the West Coast, East Coast, and all points between. 

Topping the list at 1-2-3 were Boca Raton, Florida; Midland, Texas; and Humble, Texas.

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R E A D   N E X T

  • HBCU HUB, a startup focused on connecting students to recruiters at historically Black colleges and universities, is moving its headquarters to McKinney with the aid of grant funding from the McKinney Economic Development Corporation’s Innovation Fund.

  • The Solar Company, a Dallas-based startup founded in 2021, has partnered with Granite Redevelopment Properties LP to install a 15-megawatt, 40,000-panel system across 16 of GRP's "all bills paid" apartment communities in Dallas and Tarrant counties. The startup's co-founder and CEO, Travis Wildeman, tells us the system will offset between 90% and 100% of Granite Redevelopment's electricity costs—and pay for itself in 5 to 7 years.

  • Slated to break ground next year, Firefly Park will add "a significantly different, cool vibe to Frisco," says the city's mayor. Developer Kyle Wilks of Wilks Development hired Amsterdam-based UNStudio to develop the master plan in collaboration with Sasaki Associates. That European influence is showing up in the 230-acre project's walkable, park-laden layout—and in the architecture's future-forward look. The Dream Hotel will be designed with hints of the region, with a design philosophy “both surreal and contemporarily chic."

  • Universal Parks & Resorts is planning a new theme park concept "unlike any other in the world"—and it aims to build it right here in North Texas. The proposed park will be sited within 97 acres of land Universal recently purchased in Frisco, and will target "a whole new generation of fans" on a more intimate scale than larger Universal parks. An adjacent themed hotel will be also be part of Frisco's newest attraction.

  • Gearbox acquires Captured Dimensions

    Gearbox is an award-winning creator and distributor of transmedia entertainment, including hit video games and franchises like Tiny Tina’s Wonderlands, Brothers in Arms, and Borderlands. Captured Dimensions has done 3D capture and scanning for numerous Hollywood movies, and produced video game titles for 2K Games and Electronic Arts. Captured Dimensions founder and president Jordan Williams called the merger "an incredible runway for growth an opportunity."