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The Dallas-Fort Worth metroplex, DFW, or The Metroplex, as the locals refer, is the socio-economic hub of north Texas, USA. It is basically a region comprising divisions of Dallas Plano Irving and Fort Worth Arlington. Its 8,991 square miles of land is well renowned as the largest landlocked metropolitan region in the whole of US.
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Historically, the two brothers didn’t even like to share the same set of the newspaper. But with the fast moving economy and rapid growing suburbs they soon came close and hence we got DFW or The Metroplex, we all know. Dallas attracts more of the IT businesses while Fort Worth is home to farming and ranching industries.
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The Dallas-Fort Worth economy is on an all time high, much to the advent of major companies like Toyota Motors and Liberty Mutual which brings along with them, their thousands of employees. Although, the Metroplex being much celebrated for its base of IT and Telecom industries, American Airlines still holds the top seed for leading employer in the whole of D-FW.
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D-FW undoubtedly, is considered as the strongest for-sale market, but when it comes down to the clash between supply and demand, the numbers are not doing enough justice. So, in consequence to this, 16,126 apartment units have already been placed in the past year to keep pace with the readily growing housing demand. Besides it being a hot-shot renting market, the housing units are still proving to be inadequate for those newly coming in. Only to my surprise, that still 5% of the apartments remained vacant during the first quarter of 2015. Not to forget Tenants, this went on to lease some 3,537 D-FW apartments last year.
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But to the rescue of natives, 34,109 new apartments are under construction in the first quarter of this year which is the highest for this area since the 1980s which embark itself as the largest building volume in the country. Also, the construction volume shows no sign of going down and may increase as developers look to start more projects this year according to MPF.
Preston High Luxury Apartments; Picture courtesy- staticflickr.com
The overall renting prices of D-FW apartments are very much on the higher side as a result of its rich occupancy which goes as high as 95.3% with options of mid-range apartments being limited to only a handful. Subsequently, the average monthly apartment rent in the D-FW area is now $927, with newly built units costing as much as $1,200 in the suburbs and more than $1,700 a month in central city locations. With fewer vacancies, operators pushed rents 2.2% during the 2nd quarter, while annual growth measured 5.5%, a 20-year high. The best option for renting apartments prevails with the brand new projects moving through initial lease-up.
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The surge in the building comes as the Dallas-Fort Worth area tops the country in demand for apartment homes. Although, this increased populace has raised problems of some stature for local inhabitants, looking to buy homes in Dallas-Fort Worth metroplex, much thanks to the soaring rental prices.
