It’s not all in your head. Those new apartments you spotted on your way to work probably did just pop up — and it’s happening in big numbers in DFW and around the state, according to a new study.
RentCafe estimates 22,196 new apartments will be built in the Dallas-Fort Worth metro area by the end of 2019 — by far the highest number in the country. Seattle makes for a distant second with 13,682 new units, followed by New York City, which was No. 1 in 2018, with 13,418 units planned for this year.
And these aren’t vanity projects. With more than 80,000 new residents calling the Metroplex home for the fifth year in a row, we need all the apartments we can get.
Fort Worth slightly leads the metro in terms of projected new apartment units at 3,875, compared to Dallas’ 3,859. Estimates are based on market data from Yardi Matrix, a software company that tracks multifamily properties in 133 U.S. markets.
Here are the biggest shares of new apartments expected in DFW:
- Fort Worth – 3,875 units
- Dallas – 3,859 units
- Frisco – 2,548 units
- Farmers Branch – 1,537 units
- Richardson – 1,423 units
- Euless – 838 units
- Grapevine – 821 units
- McKinney – 564 units
- Plano – 483 units
- Irving – 377 units
- Waxahachie – 325 units
Most of Texas is booming, too. At No. 5 on RentCafe’s list is Austin, with 10,783 new units expected by the end of the year. No. 10 Houston is expected to bring 7,143 new units to the region, with about half rising just within the city of Houston. Meanwhile, 3,510 new units will be built in San Antonio, a steep decline of 41 percent from the 5,993 units built there in 2018.
Unlike the Lone Star State, the nation as a whole is seeing a slump in apartment construction. The 299,442 new apartments expected in 2019 represent an 8.2 percent drop from 2018’s 326,240 new units, which also were weaker numbers than in 2017, when 331,765 new apartments were built.