4 DFW Suburbs Among Nation’s Fastest-Growing Apartment Markets

Overall, DFW is a ‘construction powerhouse,’ with more than 74,000 units underway.

Four Dallas-Fort Worth suburbs are on the list of the country’s fastest-growing apartment markets.

The south Fort Worth suburb of Burleson tops a ranking of the top apartment inventory growth markets by Richardson-based real estate technology firm RealPage. With an annual new supply of 1,335 rental units, Burleson’s apartment inventory is growing by more than 20%.

The Frisco market ranked fourth nationally with more than 4,000 apartments on the way – an almost 15% increase in rental units. North Fort Worth/Keller, with 1,838 new units, and South Arlington/Mansfield, with a 1,300 addition to apartment inventory, also made the top 10 list.

“Inventory growth is often coupled with apartment demand,” RealPage analysts said in a just-released report. “While much of the Dallas-Fort Worth metropolitan area experienced softening apartment demand recently, the northern suburban submarkets of North Fort Worth/Keller and Frisco were leaders for absorption in the past year, offsetting the weakness in some other submarkets across the Metroplex.

“Overall, Dallas-Fort Worth remains the nation’s construction powerhouse, with more than 74,000 units currently underway – an all-time high.”

Along with the DFW markets, neighborhoods in Austin and Houston also scored spots on RealPage’s list of fastest-growing suburban rental markets.

RealPage at the end of the first quarter surveyed more than 700 U.S. apartment markets for its new report. Only 15 of the U.S. markets had inventory increases of more than 15%.

With higher finance costs, apartment development in North Texas and nationwide is to expected fall in the year ahead. But so far, builders haven’t cut back on record construction. The overall DFW area leads the U.S. in apartment building.

Source: Dallas Morning News