Dallas-Fort Worth is attracting new residents at a rapid rate—that influx has helped land DFW in the number one spot in the country for its number of apartment units that will come online by year’s end.
That’s according to a new report from RENTCafé, which put Dallas-Fort Worth ahead of Seattle in second place and New York City in third.
Based on data from Yardi Matrix, Dallas-Fort Worth will have a total of 22,196 new units expected to be built by the end of 2019. This seems to be good news for a region the Census Bureau says brought in 131,800 new residents between 2017 and 2018. Seattle is well behind with 13,682 new units and New York City expects 13,418 new units, according to RENTCafé’s report.
North Texas cities have many apartments in the pipeline
In the region, the city of Fort Worth is the leader in new apartments with a projected 3,875 new apartments in 2019. Dallas has 3,859 apartments on the way and Frisco has 2,548, according to the report.
Other North Texas cities include: Farmers Branch with 1,537; Richardson, 1,423; Euless, 838; Grapevine, 821; McKinney, 564; Plano, 483; Irving, 377; and Waxahachie, 325.
An increased demand for apartments due to continued strong migration to North Texas can fuel higher rental costs.
Nationally, last year’s forecasts were surpassed with over 300,000 units being delivered. Estimates for 2019 show that this year will be the second in a row in which U.S. apartment construction dipped, after peaking in 2017.
The post-crisis decade—the years 2010 through 2019—leave behind 2.34 million new units, a number unattained since the ’70s and ’80s.
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