Developers spent more than $27 billion on D-FW apartments

Real Estate

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If you’re thinking there are a lot of apartments going up in North Texas, well, you’d be right.

Dallas-Fort Worth ranks third in the country for the value of apartment building.

Between 2000 and 2016 developers spent $27.6 billion on new apartments in the area, according to the latest report by Apartment List.

Only New York City ( with $64.9 billion in projects) and Los Angeles ($28.4 billion) had more projects.

"The share of new residential spending going to multifamily construction has increased in all of the 25 largest metros, in some cases drastically," Apartment List’s Chris Salviati writes in a new report. "Between 2005 and 2016, 91 percent of all newly formed households were renters, and renters currently occupy 87 percent of the units in multifamily properties.

"Additionally, as more and more of the nation’s top jobs cluster in so-called ‘superstar cities’ there is increasing need for dense, transit-oriented development to keep these areas affordable and inclusive."

Between 2000 and 2016, the share of residential construction spending in the D-FW area for apartments grew from 8 percent to 26 percent, according to Apartment List.

D-FW was the nation’s top market for new apartments in 2017, with developers finishing 28,996 new rental units, according to Richardson-based RealPage.

More than 30,000 apartments are still under construction in North Texas.

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