You’ve probably noticed that the rental market in Dallas is experiencing tremendous growth given the rising real estate projects in the northern part of Texas.
This is because the DFW area is home to several corporate employers, which attracts new workers who wish to cut back on commuting and opt to reside closer to the city.
Consequently, the demand for apartments is on the rise. Furthermore, more projects are underway, ranking Dallas as one of the best rental markets. If you’re wondering why the city is leading, here’s why.
Driving Demand
While employment opportunities in the Dallas area support increased demand, the variety is likely to drive even more demand.
The city also offers renters a home in urban and suburban locations, which are within city limits. Therefore, you can rent a nearby rental if you wish to be close to a downtown office.
On the other hand, if you wish to move away from the hustle and bustle of the city but still live relatively close to work, Dallas offers this option. This duality, together with the vast array of amenities available, provides targeted price points.
Therefore, you can determine the amount of money you wish to spend on your rental by selecting one of numerous building features and locations.
Job Growth
Dallas has a budding employment market, so more people are moving to the cities. An increased population also causes a greater demand in housing, which contractors are more than glad to supply.
A number of experts project that the trend of a strong rental market and economy in the Dallas area is unlikely to slow down anytime soon.
Increase in Apartment Construction
According to reports, Dallas is currently leading the state in apartment construction with over 4,600 units underway. This figure is more than the construction projects taking place in the downtown areas of Austin or Houston.
Approximately 1,900 of the new apartments will be in downtown Dallas while the remaining 2,700 will be in the neighboring Uptown district. According to CBRE-a real estate firm, over a dozen high-rise projects are underway in central Dallas.
A report by the firm further indicates that 65% of the Downtown/Uptown construction pipeline comprises high-rise conversion or high-rise projects.
Four of the upcoming apartment towers will be part of Victory Park project. This is an indication that the greater downtown area is working towards providing a more homogenous setting to meet the needs for expected future growth, especially for those seeking a work, live, and play environment.
Townhome Project underway in Downtown Dallas
Sphinx Development Corp. is building the 49-unit townhome project at Fran Way and Compton Street. The project, which is to take place in downtown Dallas, is targeting buyers who prefer a close-in location.
Furthermore, it’s an exciting opportunity for those looking to reside next to the center of the city. The planned homes will begin at under $170,000 for units that start at approximately 1,400 square feet according to reports. The first phase is underway and potential clients can expect completion this summer.
950-home Community Planned for Dallas
Developers have revealed plans to construct a 950-residential community on nearly 260 acres that was previously under the ownership of the late William Clements who was a Texan governor. The new development will comprise preservation of the family homes, which the developers will convert into a community center.
Dallas is a city of mass appeal and expansive offerings. Home to almost 1.25 million, the city is constantly attracting new residents.
The city’s rental market has also shown continued growth because of job growth. Therefore, if you’re seeking a rental market that offers great diversity, consider moving to Dallas.
For more information on how Dallas is leading in rental properties, contact us at Apartment Agents or leave a comment.