It seems like for that for every other week over the past couple years, a new apartment development somewhere in DFW is either being proposed or all the way through the approval process and finally getting underway. And although that might be an exaggeration to some degree, it’s now at least somewhat official that the crazy amount of apartment development isn’t just in our imagination.
According to reports, more apartments are being developed in the Dallas-Fort Worth area than any other market in the U.S. In the first quarter of 2016, a jaw-dropping total of 43,185 apartment units were under construction in DFW—a number that’s well more than double the number of units under construction in markets like Seattle, Denver, Chicago, Washington D.C. and Atlanta.
Furthermore, apartment construction is also now at an all-time high for DFW, with past development figures not even close to where we’re sitting now. Prior to the recession, 22,951 units were under construction in the first quarter of 2009, while immediately after the recession, 24,697 units were under construction in the 2nd Quarter of 2013. That’s a far cry from the 43,185 units currently in the works this year.
And with rents at an all-time high, the question (or concern depending on how you look at it) is whether or not demand will keep up as we head deeper into 2016.
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