There are more apartments under construction in Dallas-Fort Worth than anywhere else in the country, according to a new ranking from RealPage.
There are approximately 43,034 apartment units currently being built in the region, which is considerably more than the number of apartments under construction — 29,203 — in the Washington, D.C. area, which RealPage ranks as the second most active market for apartment construction.
Continued job growth in the Dallas-Fort Worth area has fueled the increased demand for new apartments, according to industry insiders.
And according to a recent report from the National Apartment Association (NAA), demand for new apartment units is not likely to decline anytime soon.
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"The Metroplex needs 227,000 rental units by 2030 to meet growing demand from an expanding population," the NAA noted in a news release.
The average monthly rent for an apartment in DFW is $1,125, according to the NAA.
"Without this supply growth, rents on existing apartments would be increasing at a faster rate due to normal supply and demand," said Adam Auensen, VP of Acquisitions and Development of Tonti Properties, the company behind several local projects, including the Trinity Union complex in Euless, which will consist of 458 apartment homes when it is completed. "So new development is an important factor for maintaining overall affordability."