North Texas is growing and in some cases faster than the rest of the country. A recent report from RealPage.com shows there were more new apartments built in 2017 in the Dallas Metro than any other metro in the country.
According to RealPage.com, 28,000 new rentals opened in the Dallas Metro area last year.
"I think the good news is we will likely see rental price increase is going down. You were up to around 5 percent vacancy in apartment units. Which is still very low [and] very good for an apartment builders and developers, Alex Doubet of DoorHomes.com said. “I think the bad thing is it's not like you're going to become inexpensive overnight."
Doubet said the hot spots for new apartment growth are the Uptown area of Dallas, Frisco and Plano.
“You're still going to see a lot of growth up north. That's where they've got a lot of developable land,” Doubet said. “You don't see much development south of the Trinity still.”
Doubet doesn’t see rental prices dropping much in the most popular areas.
“The Uptown [and] Downtown area are just going to get more expensive because we have more land constraints. We are landlocked,” Doubet said. “Uptown in East Dallas [are] going to see it get more and more expensive. They keep cramming more units on the same amount of land.”
If Dallas lands Amazon’s HQ2, rental prices could change even more.
“That's not only going to be a lot of jobs. It's going to be a lot of high-wage jobs. 50,000 jobs over a 10 year period with a median wage of $100,000,” Doubet said. “So, very high household incomes; that's going to do nothing to slow price increases.”
RealPage.com already predicts the DFW will top the apartments list in 2018 as well.
