DFW job growth fuels massive apartment development

Posted: April 29, 2013 in Fidelity National Title, Real Estate News

The Alexan, which is being developed by Dallas-based Trammell Crow Residential, is one of the apartment developments under construction in Dallas. The North Texas area will account for about 80 percent of all new apartment supply, according to Marcus & Millichap research.

The Alexan, which is being developed by Dallas-based Trammell Crow Residential, is one of the apartment developments under construction in Dallas. The North Texas area will account for about 80 percent of all new apartment supply, according to Marcus & Millichap research.

Dallas-Fort Worth’s growing economy — thanks to recent corporate relocation and expansion in North Texas — is feeding the appetite from developers to build apartments, according to the latest Marcus & Millichap research.

On Wednesday, Marcus & Millichap released data showing developers completing 8,450 apartment homes over the past year North Texas, which is up from 5,500 year-over-year, according to the research.

This year, developers are expected to complete 13,250 units, or nearly double efforts to build apartment homes.

“Dallas-Fort Worth’s economy will stage another impressive performance in 2013 as the region’s relative affordability lures new residents and relocating and expanding companies,” said Marcus & Millichap researchers.

Those companies: Amazon.com’s two large distribution centers in Dallas-Fort Worth will generate about 1,000 new jobs and BMW recently decided to put its latest parts distribution facility in Lancaster.

North Texas employment is expected to rise 3.2 percent this year, adding 99,500 jobs. Last year, DFW added 106,300 positions.

Along with job growth, the average rent in North Texas is expected to grow 4.4 percent to $863 per month, due to a greater number of high-end, luxury apartments being delivered in in-town locations, according to the report. In 2012, rents increased 2.9 percent.

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