Friday, November 08, 2013

Dallas apartment developers chase job growth with construction boom

About 23,500 apartments are being built in Dallas-Fort Worth. (Steve Brown)
North Texas’ booming employment growth should keep demand for new apartments high during the year ahead, analysts predict.
That’s a good thing since Dallas-Fort Worth leads the counry in apartment building with about 23,500 units under construction.
“Dallas was one of the first markets to see construction come back” after the recession,” Jay Parsons with apartment analyst MPF Research said Friday. “Those new units are leasing up very, very fast.
“We have a lot more supply on the way.”
Parsons, who spoke at the Carrollton-based research firm’s annual apartment market forecast, said even with the big construction volumes, the D-FW apartment market is one of the best in the country.
“Dallas-Fort Worth has certainly overshot our expectations on occupancy,” he said. “In D-FW occupancy is at a 12 year high which is pretty remarkable.
“Even the home sales – at very high levels – are not effecting the apartment market at all.”
Only about 6 percent of D-FW apartments are currently vacant.
Much of the apartment building boom in North Texas is concentrated in urban areas. More than 2,800 apartments are being developed in Dallas’ Uptown and downtown area. Another 2,523 new units are on the way in the Oak Lawn-Turtle Creek neighborhood.
By Steve Brown