DALLAS – More than 50,000 apartments are currently being built in North Texas, a jump of nearly 7,000 units in the last three months, according to a report by MPF Research.
More apartments are under construction in Dallas-Fort Worth than anywhere else in the country. The area accounts for almost 10 percent of all apartments being built in the U.S.
"It's the largest share we have probably ever seen for any individual market in the country," said Greg Willett, MPF Research vice president.
It's a good thing leasing activity in North Texas has remained strong, Willett said; only 5 percent of DFW apartments are empty.
"We are at record occupancy, and it's leasing as fast as it's done," he said. "This suggests we still have some pent-up demand."
For the first time, average area apartment rents have topped $1,000 a month. Average rents in the newest units are $1,448.