Dallas-Fort Worth comes second only to NYC in housing growth

Dallas, Texas - The Dallas-Fort Worth metropolitan area is set to see the construction of roughly 24,000 new apartment units this year.

This level of construction places Dallas-Fort Worth second to New York City in residential development. The RentCafe report, sourced from data by Yardi Matrix, details the varied effects of this construction boom in different parts of the U.S.

The lack of affordable housing has led to increased rental and purchase prices nationwide. Still, the introduction of 1.2 million new apartment units during the pandemic has countered rising rent costs. However, the RentCafe report shows that most of these new units are in only 20 metropolitan areas, housing about 41% of U.S. renters.

From 2020 to 2022, Dallas-Fort Worth added more new apartments than other major U.S. cities. But, 89% of these new units are high-end accommodations, differing from the affordable housing many renters seek.

For this year, there will be more rental units than in 2022 but fewer than 2020 and 2021. Dallas plans to add 4,100 units, Fort Worth 2,500, and Frisco about 2,300.

Despite increased construction, the Dallas-Fort Worth region faces a housing shortage. This is intensified by the high number of people moving to the area, the highest in the country according to the report.

By 2025, there are plans to complete one million rental units. However, rising construction costs and other economic challenges might slow down these development plans.

Credit: Dallas Metro News