Some suburban Dallas communities are pushing back against apartment development.
But with 40 percent of North Texas residents living in rental housing, more apartments are a must-have for the growing metropolitan area.
Between 2006 and 2016 the number of U.S. families with children living in rental housing grew by almost 2 million, according to a new report by Yardi Systems Inc.
And the Dallas-Fort Worth area had the second highest increase in the country in renter families.
D-FW posed an increase of 101,000 renter families during the 10-year period. Houston was first, with a 107,000 increase in renter households with children.
Both Houston and D-FW have been at the top of the list of the country’s fastest growing metro areas in terms of both employment and population gains.
And with home prices at record levels, more residents are renting instead of owning.
"The demand for family-sized rental housing is also high: 1.1 million new units were built since 2006 in large-scale buildings at a national level," Yardi Systems’ report says. "In Houston, 45 percent of the new units built between 2006 and 2016 were family-sized (2 bedrooms or more), while in Dallas-Fort Worth the percentage is 42 percent."
D-FW is one of the top apartment construction markets in the country with more than 37,000 units being built at midyear.
And while local apartment rents are at a record of high of more than $1,100 a month, they haven’t risen as fast as home prices. The same is true in Houston.
"Houston single-family home prices increased by 30 percent in the last five years, while rents have risen by 25 percent," Yardi’s RentCafe.com researchers said. "In D-FW, these changes are 45 percent vs. 31 percent, respectively."
Source: Yardi Systems