DFW jobs fuel massive apartment development

DALLAS – Thanks to recent corporate relocation and expansion in North Texas, developers are scrambling to build apartments, according Marcus & Millichap.

Developers completed 8,450 apartment homes over the past year in North Texas, which is up from 5,500 year-over-year. In 2013, developers are expected to complete 13,250 units.

North Texas employment is expected to rise 3.2 percent this year, adding 99,500 jobs. Last year, DFW added 106,300 positions.

Along with job growth, the average rent in North Texas is expected to grow 4.4 percent to $863 per month, due to a greater number of high-end, luxury apartments being delivered in in-town locations. In 2012, rents increased 2.9 percent.