Dallas-Fort Worth is forecast to construct more new apartment units in 2020 than any other U.S. metro area. If that happens, DFW will push 40,000 new units this year, topping the charts for the third consecutive year.
So far this year within D-FW, Frisco, Carrollton, Farmers Branch, North Fort Worth and Addison are leading the way in terms of additional units built to date and cities with the most multifamily construction in the pipeline, according to an analysis by Richardson-based RealPage Inc.
To see which cities and submarkets within North Texas have the newest apartments check out this gallery.
On the demand side, the combined D-FW total led the nation in apartment absorption in the third quarter of 2020, with the quarterly increase in the number of occupied units coming in at 8,957 units, according to RealPage (Nasdaq: RP).
That demand total is just under the 9,504 units absorbed in the 3rd quarter of 2019. But it’s more than doubled from the 3,832 net apartment total in the previous quarter, which reflected the worst of the COVID-19 impact, according to RealPage. Population and job growth are driving the continued long-term leasing demand, said Adam Couch, RealPage’s market analyst.
“There’s been a very high net migration from expensive coastal areas like New York and California,” Couch said. “A lot of people have migrated here because of the distinct advantages that Texas offers, specifically North Texas.”
The combined DFW metros delivered 6,936 new apartments in the most recent quarter, which was the most throughout the nation. Houston came in second highest in the nation with 5,428 new units.
To see which cities and submarkets within North Texas have the most construction in the pipeline, check out this gallery.
Dallas-Fort Worth remains the country’s construction leader by a big margin, too, with ongoing development totaling 40,349 units, Couch said. DFW is followed by Washington, D.C., at 30,302 units; and Los Angeles, at 30,116 units. The ongoing building comes in at 21,000 to 27,000 units across Newark/Jersey City, Houston, Phoenix, and New York.
