The Dallas-Fort Worth area has been a hotbed for real estate construction for many years, and is set to stay on the rise as the first quarter of 2017 comes to an end. According to a recent article from The Dallas Morning News, DFW has experienced a 95% surge in new-construction starts in the first two months of 2017. The spike in new builds is estimated to result in 50,000 apartments with 30,000 of them hitting the market before year’s end.
Most of the new construction is taking place in the Frisco-Prosper and central Dallas areas. Frisco-Prosper is in the process of adding about 6,400 units to the market, and central Dallas has started construction on an estimated 5,700 new apartments.
The recent growth in new construction has been easily absorbed by the job growth in the DFW area. A large portion of the tenant base are relocating to the Dallas area for work, as the region adds about 100,000 jobs to the market every year. Furthermore, Drew Kile with Institute of Property Advisers forecasts the North Texas population increasing by 780,000 people in the next 5 years, so demand is projected to remain strong.