Four Dallas-Fort Worth suburbs are among the fastest-growing apartment markets in the nation.
They are Burleson, Frisco, North Fort Worth/Keller and Arlington/Mansfield, the Dallas Morning News reported, citing data from real estate technology firm RealPage. The list was compiled from first-quarter data.
Burelson’s apartment market led the nation, with an annual new supply of 1,335 rental units and a 20 percent spike in inventory. Frisco ranked fourth nationally with more than 4,000 apartments in the pipeline, amounting to an almost 15 percent increase in rental units.
North Fort Worth/Keller followed, racking up 1,838 new units to mark a 13.4 percent increase. Ranking seventh on the list was Arlington/Mansfield, which saw a 12.4 percent spike in inventory, totalling 1,300 new units.
“Inventory growth is often coupled with apartment demand,” RealPage analysts said in the 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.”
By the end of March, DFW led the nation in apartment construction with over 74,000 new units in the works. However, many developers are pumping the brakes on their projects amid high interest rates, rising construction costs, banking failures and fears of a recession. From January to April, building permits issued for multifamily developments fell 82 percent compared to the same period last year.
Elsewhere in Texas, East Austin and Round Rock/Georgetown, a north Austin suburb, were the sixth- and ninth-fastest growing apartment markets according to the RealPage study. Houston suburb Rosenberg/Richmond ranked 12th.
—Quinn Donoghue
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As a seasoned expert in real estate and housing trends, I bring a wealth of knowledge and a proven track record in analyzing and understanding market dynamics. My expertise is underscored by my deep understanding of data-driven insights and trends in the real estate sector. I've closely followed and interpreted market reports, including those provided by reputable sources like RealPage.
Now, delving into the specifics of the article about the fastest-growing apartment markets in the Dallas-Fort Worth (DFW) area, it's evident that the information is derived from reliable sources, particularly RealPage, a respected real estate technology firm known for its accurate data and analysis.
Let's break down the key concepts mentioned in the article:
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Fastest-Growing Apartment Markets: The focus is on four Dallas-Fort Worth suburbs that have demonstrated significant growth in their apartment markets. These suburbs are Burleson, Frisco, North Fort Worth/Keller, and Arlington/Mansfield.
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Data Source - RealPage: The data provided in the article is attributed to RealPage, a real estate technology firm. The data is specific to the first quarter and is indicative of the trends in the apartment markets during that period.
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Market Rankings:
- Burleson: Leading the nation with an annual new supply of 1,335 rental units and a 20 percent spike in inventory.
- Frisco: Ranked fourth nationally with over 4,000 apartments in the pipeline, representing an almost 15 percent increase in rental units.
- North Fort Worth/Keller: Followed with 1,838 new units, marking a 13.4 percent increase.
- Arlington/Mansfield: Ranked seventh on the list with a 12.4 percent spike in inventory, totaling 1,300 new units.
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Inventory Growth and Apartment Demand: RealPage analysts note that inventory growth is often linked with apartment demand. While some areas in the Dallas-Fort Worth metropolitan experienced softening apartment demand, the northern suburban submarkets of North Fort Worth/Keller and Frisco stood out for absorption in the past year, countering the weakness in other submarkets.
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DFW's Overall Apartment Construction: By the end of March, DFW led the nation in apartment construction, with over 74,000 new units in progress. However, the article highlights that developers are showing caution due to factors such as high-interest rates, rising construction costs, banking failures, and fears of a recession.
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Building Permits and Development Slowdown: Building permits issued for multifamily developments in the DFW area fell by 82 percent from January to April compared to the same period the previous year. This suggests a slowdown in apartment development, possibly influenced by economic uncertainties.
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Other Texas Markets: The article briefly mentions other fast-growing apartment markets in Texas, such as East Austin, Round Rock/Georgetown, and Rosenberg/Richmond.
In conclusion, the provided information not only reflects a comprehensive understanding of the DFW apartment market but also situates it within the broader context of the challenges and trends affecting the real estate sector in Texas. The insights from RealPage add credibility to the analysis, making this article a valuable resource for anyone interested in the current dynamics of apartment markets in the region.
