High-density means high-end for Dallas multifamily

​​​​​​DALLAS – Last year, almost all of the apartments built in the Metroplex were high-end rental units.

North Texas, the biggest apartment-building market in the country, ranks high among markets with the largest share of luxury apartment construction.

The metro has more high-end apartment buildings than any other metro area in the nation, according to a study by Yardi Systems. The same was true last year. 

In DFW, high-end apartment rents are up less than 1 percent this year, whereas in neighborhoods with older units rents have risen more than 3 percent. Average rents have grown almost 40 percent in North Texas since the recession.

Nationwide, eight out of ten apartment communities that opened last year were targeted at high-end renters.

The surge in construction of deluxe rental units comes at a time when demand for affordable apartments in major U.S. markets is at an all-time high.

Developers say rising land, construction, and financing costs make it almost impossible to build workforce apartments in many urban areas.