Years of strong job growth has resulted in high demand in the Dallas apartment market. Due to the shortage of vacant lots in Dallas neighborhoods, many developers are tearing down old buildings to make way for new apartment complexes.
Hundreds of apartment buildings built in the 1960s and 1970s have been purchased and demolished over the last few years. In 2013, Dallas led the country in new apartment construction, and there are approximately 25,000 more apartments currently under construction in North Texas.
Though Dallas apartment supply is on the rise, average rental rates in the city are still expected to increase by 3% this year. Many of these new buildings, targeted at young professionals, boast extensive amenities, driving up the cost of rent.
Landmark on Lovers, a new luxury apartment complex with amenities like onsite dog grooming, recently begun renting out their more than 300 units with rental rates that start at $1,100 per month.
Do you think new amenities are worth the extra rent money?