low home inventory in dallas fort worth area

All three of those submarkets have monthly rents that run above the market average.įrisco was not only the market’s fastest growing submarket in the last decade, but the nation’s as well. Allen/McKinney, Frisco and Rockwall/Rowlett/Wylie accounted for more than one-fourth of local apartment deliveries over the past 10 years. Much of the development has been to the north and east and includes areas along US-75, the Dallas North Tollway and IH-30. Four of the nation’s fastest growing submarkets over the past 10 years were in Dallas. Those additions took the market’s existing unit count to 674,458 as of early 2023. The Dallas market added a nation-leading 172,259 apartment units over the past decade, resulting in an expansion rate of 34%. While monthly rents in East Austin ($1,738) were above the market average, rents in Southeast Austin ($1,532) remained more affordable. That submarket had 10,905 units in early 2023, growing nearly 105% over the past 10 years. Southeast Austin – the largest submarket by land mass in Austin – is one of the smallest based on the number of apartment units. Just in the past year, East Austin has grown by more than 13%, ranking as one of the biggest increases nationwide. East Austin has added over 12,000 apartment units in the past decade, growing 112%. Southeast Austin is the home to Austin-Bergstrom International Airport. East Austin is home to Tesla’s 2,500-acre Gigafactory that is producing 4,000 vehicles per week. These submarkets abut the IH-35 corridor, a development hotspot. As of 1st quarter 2023, monthly rents in Cedar Park averaged $1,652, in line with the market average.Īnother high growth area in Austin has been the neighboring submarkets of East Austin and Southeast Austin. Census Bureau estimates that the Cedar Park population grew by roughly 16,000 people, or 26%, from 2012 to 2022. Drawn by employment options, people have been flocking to this area. Additionally, the area boasts its own concentration of employers. Located roughly 16 miles northwest of Austin, Cedar Park is one of the only major suburban areas in the market with a commuter rail line, Capital Metro’s first and only rail line connecting to downtown Austin. Suburban Cedar Park had a little less than 7,400 apartments at the beginning of 2013 and by early 2023, this area had more than 18,500 units, after growing by 151.6%. Meanwhile, East Austin captured nearly 13% of Austin deliveries, while neighboring Southeast Austin captured nearly 6% of new development. Much of Austin’s growth has occurred along the US-183 corridor north of Austin, with Cedar Park capturing nearly 12% of the market’s new supply over the past decade. Of the 14 fastest-growing Texas submarkets, three were in Austin. The market added more than 96,000 units, on net, over the past 10 years, growing its inventory base 50%, according to data from RealPage Market Analytics. AUSTINĪmong the nation’s largest 50 apartment markets, Austin was the fastest growing in the last decade.

In several submarkets in Texas, however, that rate of inventory growth was far more prolific. submarkets that have at least doubled in size over the past 10 years, more than half were in major Texas markets.Īcross Texas, multifamily developers have delivered over 550,000 new apartment units in the last decade, equaling an expansion rate of 28.7%, according to data from RealPage Market Analytics. Some of the nation’s most significant apartment development activity has taken place in Texas and, of the 23 U.S.

But there are areas that are on steroids.

Low home inventory in dallas fort worth area