The four suburbs of Dallas-Fort Worth are home to one of the fastest-growing apartment markets in the country.
They are Burleson, Frisco, North Fort Worth/Keller and Arlington/Mansfield, Dallas Morning News According to reports, Citing data from real estate technology company RealPage. The list was compiled based on data from the first quarter.
Burelson’s apartment market is a national leader with 1,335 new rental units added each year and a 20% surge in inventory. Frisco ranks fourth nationally with more than 4,000 apartments under construction and a nearly 15 percent increase in rental units.
North Fort Worth/Keller followed with 1,838 new units, a 13.4 percent increase. In seventh place was Arlington/Mansfield, whose inventory surged 12.4 percent, totaling 1,300 new units.
“Inventory growth typically accompanies condo demand,” RealPage analysts said in a note. “While much of the Dallas-Fort Worth metropolitan area has recently experienced softer apartment demand, the northern suburban submarkets of North Fort Worth/Keller and Frisco have been leaders in absorption over the past year, Offsetting softness in some other submarkets of the Metroplex.”
DFW leads the nation in apartment construction with more than 74,000 new units under construction through the end of March. However, amid high interest rates, rising construction costs, bank failures and fears of a recession, many developers are halting their projects. Building permits issued for multifamily developments fell 82% from January to April compared with a year earlier.
Elsewhere in Texas, East Austin and the North Austin suburb of Round Rock/Georgetown are the sixth and ninth fastest-growing apartment markets, respectively, according to RealPage research. The Houston suburb of Rosenberg/Richmond came in at No. 12.
— Quinn Donoghue
