Dallas apartments are a hot commodity in the rental market, according to first quarter numbers, and the trend isn’t about to change. In fact, those living in Texas might already have noticed the increase in new buildings.
The Dallas-Fort Worth area is home to numerous corporate employers, which draws in new workers. Those people want to cut back on their commute and opt to live closer to the city. As a result, demand for both Dallas and Fort Worth apartments is on the rise. More builders are planning new projects, putting the area on the top of the U.S. list of best rental markets.
New Construction Continues
The first quarter of 2014 was a successful time for builders, who continued constructing more Dallas apartments. More than 3,500 new apartments were completed in the beginning of this year, providing residents with numerous choices of where to live.
Even more buildings are still under construction—a whopping 26,971 units! The pace and volume of construction is currently at a 14-year high. The occupancy rate in the area is above 90 percent, which gives builders the confidence to continue their projects under stable demand.
Some speculate that while job opportunities in the Dallas-Fort Worth area support increased apartment demand, the variety of properties might drive demand even more. Both cities offer renters a home in suburban and urban locations that are within city limits.
Those who want to be close to a downtown office can rent a nearby unit, while people who want to be removed from the hustle and bustle of the city while still being relatively close to work also have that option.This duality, along with the vast amount of amenity options available, also offers targeted price points. Renters can choose the amount of money they want to spend on their apartment by picking one of many diverse building locations and features.
Job Growth Increases Population
Because Dallas-Fort Worth has a budding job market, more people are flocking to the cities. An increased population causes a greater housing demand, which builders are more than happy to answer. Some experts project that the trend of a strong economy and rental market in the Dallas-Fort Worth area won’t slow down anytime soon.