Fort Worth nails ranking as 12th hottest U.S. city for new apartment construction
When it comes to new construction, Fort Worth reigns as a multifamily mecca.
A ranking compiled by Lattice Publishing indicates Fort Worth — along with Arlington and Dallas — saw some of the country’s biggest spikes in planned construction of apartments from 2020 to 2021. The numbers for Lewisville and Irving shot up even more during the same one-year period.
This, on the heels of a RentCafe report that placed Fort Worth (No. 20) and Dallas (No. 49) among the best 50 places for renters in 2022.
Lattice Publishing ranked small, midsize, and large cities based on the percentage change in the number of multifamily units authorized from 2020 to 2021.
On the list of large cities, Fort Worth, Arlington, and Dallas posted big gains.
- Dallas ranked third among large cities, recording a 250.6 percent boost in multifamily building permits from 2020 to 2021.
- Fort Worth ranked 12th among large cities, recording a 90.1 percent boost in multifamily building permits from 2020 to 2021.
- Arlington ranked 14th among large cities, recording a 73.1 percent boost in multifamily building permits from 2020 to 2021.
However, their percentage increases fell short of those for Lewisville and Irving, who were on Lattice's list of small and midsize cities, respectively.
Lewisville appears at No. 5 among small cities, with a 1,469 percent jump in building permits for apartments from 2020 to 2021.
Irving lands at No. 13 among midsize cities, registering a 363.7 percent rise in multifamily permits during that period.
Lattice Publishing notes that as the United States emerges from the pandemic, a promising sign for improving the availability of housing is an overall uptick in planned construction of apartments.
Multifamily housing “increases the density and availability of housing units in urban and suburban locations, and it is more efficient and cost-effective to develop than single-family stock,” Lattice Publishing says. “And with more people now returning to their offices — along with restaurants, bars, venues, and other amenities — denser housing closer to work and social attractions is regaining its appeal.”
RentCafe reports that in Fort Worth, the average apartment size is 872 square feet; the city's apartment occupancy rate is 94.5 percent.
Research conducted by Hoyt Advisory Services shows that through 2030, the U.S. will need to build an average of 328,000 apartments every year to keep pace with housing demand. That mark has been achieved just five times since 1989, according to the National Multifamily Housing Council and the National Apartment Association.