24 Jan Dallas Metro Had Most New Apartments Than Any Metro in 2017
Developers opened more new apartments in the Dallas area than any metro area in the country last year.
Almost 28,000 new rental units opened their doors last year, according to a new report by Richardson-based RealPage, a leading provider of property-management software.
New York City was second with 23,207 apartment completions, followed by third-place Houston with 21,404 apartments hitting the market in 2017.
“The D-FW total, including 4,546 units in Fort Worth, reached 32,520 units in 2017,” said RealPage chief economist Greg Willett. “Scheduled completions cool to 25,485 units in 2018, with 21,785 of those in Dallas and 3,700 in Fort Worth.
“However, that figure of 25,000 or so units still tops the peak from the 1999-2000 boom, so it’s the second-biggest annual completion total since the mid-1980s,” Willett said.
Nationwide apartment completions in the 150 largest markets totaled 395,775 units in 2017 — 46 percent more than in 2016 and double the long-term annual average, according to RealPage.
With the surge in apartment completions, North Texas apartment rent increases have slowed and the overall vacancy rate has inched up to just over 5 percent at the end of last year.
More than 30,000 apartments were still under construction in D-FW at the start of 2018.
Read More via DallasNews.com