With 2022 shaping up to be a record year for apartment construction in the U.S., a number of metros are reaping the biggest rewards, and Dallas-Fort Worth is so far the biggest benefactor.
Five cities in the Dallas-Fort Worth metropolitan area were among the top in the country for planned construction of apartments from 2020 to 2021, as reported by the Dallas Culture Map.
The five cities, according to a ranking by Lattice Publishing, were Dallas, Fort Worth, Arlington, Lewisville and Irving.
The numbers are expected to go up even further as 2022’s booming market rages on, and the report cites the recent national uptick in multifamily home construction as a key contributor. Dallas currently ranks fourth among U.S. markets for the most apartments under construction, tallying 32,143 apartments under construction.
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“Multi-family housing increases the density and availability of housing units in urban and suburban locations, and it is more efficient and cost-effective to develop than single-family stock”, said Lattice Publishing.
“And with more people now returning to their offices—along with restaurants, bars, venues, and other amenities—denser housing closer to work and social attractions is regaining its appeal,” they said in the report.
The city of Dallas recorded a 251 percent increase in multifamily building permits in 2021 from 2020, according to the report, with Fort Worth ranking 12th (190.1 percent) and Arlington ranking 14th (73.1 percent).
Nationally, there are more apartments currently scheduled to completed in 2022 than in any single year since at least the 1980s, with more than 426,000 apartments are under construction. 2021 was also considered a record year for apartment completion volumes in 150 of the largest U.S. metros, topping 363,000 units.
[Dallas Culture Map] — James Bell