DFW apartment construction falls from top spot nationally for first time in 4 years
Published: Wed, 08/31/22
DFW apartment construction falls from top spot nationally for first time in 4 years
New York City is expected to surpass Dallas-Fort Worth in apartment units constructed this year after DFW has led the nation for four straight years.
Jake Dean
Dallas-Fort Worth has toppled from the leading position in the nation for new apartment development, which it held for four consecutive years.
New York City is set to pass DFW,but multifamily construction underway and in the pipeline remains robust in North Texas, according to a new report by apartment website RentCafé.
With an estimated 23,500 apartments on the way, DFW will be surpassed this year by the New York metro area with over 28,000 units set to deliver.
At the city level within North Texas, Dallas proper leads in projected apartment construction by a wide margin. Some 4,248 units, including 1,507 that are already built, are forecast to be constructed this year in Dallas.
McKinney is next, with 2,351 apartment deliveries forecast for this year, followed by Frisco, with 2,134 units. Fort Worth, with 1,996 apartments in the forecast, is the fourth highest.
Denton and Lewisville rank fifth and sixth, with 1,794 and 1,010 new apartments set to deliver this year, respectively.
Next are Aubrey and Grand Prairie, with 1,002 new apartment deliveries apiece scheduled to hit this year. Burleson, with 692 units, and Mansfield, with 556, round out the top 10 apartment construction markets in North Texas.
Prosper (524 units), Princeton (457), Garland (441) and Plano (361) also made the RentCafé list.
Ed Garahan, CEO of Dallas-based Carbon Cos., said the need for more apartments in North Texas is high and will remain that way for the foreseeable future.
"We're going to see a need for 24 or 36 months in North Texas,” Garahan said.
Carbon Cos. is developing a large, upscale apartment community in Frisco. The 375-unit first phase of the project opened in 2021 and is fully leased. Plans call for four phases and more than 1,000 units in the rental community.
Carbon Cos and Greenway Investment Co. have begun construction on a second phase of The Links at PGA Parkway luxury apartments in Frisco.
COURTESY OF CARBON COS.