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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