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An inside scoop on what the DFW rental market will bring in 2022
It’s no surprise that the rental market has dramatically changed this past year. The pandemic has turned everything upside down and inside out with inflation rates hitting an all-time high this past November.
The Dallas-Fort Worth area has also fallen victim to the drastic increase in rent prices. In 2021 alone, Zillow Research Data showed that the cost of rent went up 15.5% this past year.
Yet, in 2019, average rent prices only increased 3.3%. The growth in 2020 was even lower, coming in at a surprising 2.7%!
Developers and people alike have noticed that the DFW area is the perfect place to expand since there's a huge demand for homes. So, what changes should you expect to come in the DFW housing market?
Everyone is moving to Dallas and Fort Worth.
This area is a real people magnet. More people- around 75,000- moved to DFW this past year than any other city in the nation! 🤯
People love Texas because of its low cost of living, low taxes (we can’t forget that 0% income tax), and vibrant culture. And as for DFW, it has dense urban areas and quiet suburban neighborhoods- appealing to people of all ages!
The DFW metroplex is welcoming 200 new buildings to the area.
They're not just expanding the downtown area of Fort Worth and Dallas. It’s the surrounding urban and suburban regions too. There are currently 200 developments under construction.
On top of that, you can expect many more to come. Another 251 buildings have been proposed, which would create an additional 77,869 units if all are approved.
This means that 53,929 rental units are hitting the market in the near future.
Apartment occupancy rates in DFW were sitting at 92.5% in August of 2021 (which is remarkably high). Researchers are projecting that this number is only going to increase in 2022.
With thousands of new units being created, it won't matter whether you're coming from out-of-state or moving a street over. You'll have a variety of options to pick from!
The top 5 neighborhoods to watch out for are Frisco, Grand Prairie, Denton, Downtown Dallas, and Trophy Club & Keller.
If you’re looking to be right in the center of an up-and-coming area, you should consider moving to these locations.
Frisco will have the most growth, adding 5,940 new units with the help of 12 new buildings.
Additionally, at least 2,000 new apartments are being built in each of these other neighborhoods.
Developments mostly include mid-rise and low-rise builds.
The majority of apartments being built are either low-rise or mid-rise. The numbers are pretty even with 47 buildings being mid-rise (4 to 12 stories) while 42 are low rise (3 or less floors).
High-rise buildings are less frequent. Only 11 of them are currently under construction. Uptown Dallas is getting most of them (6 out of the 11 to be exact). Downtown Ft. Worth and Downtown Dallas are other locations focusing on building apartments with a view.
One skyrise will offer some picturesque views right from the comfort of your home.
A little bit of New York is coming to DFW. There is currently one sky rise under construction- North Field Street.
Located in Downtown Dallas, this building will have a whopping 83 floors with a total of 895 apartments.
Other notable high rises being built include the Dallas Design District in the- you guessed it- Medical/Designs District. This building will have 381 apartments.
The Central Phase One is an even bigger development that just broke ground. It’s fitting a whole 750 units throughout the building’s 17 floors. Either way, these buildings would be perfect for those that enjoy city living!
37 developments are currently pre-leasing for those looking to move soon.
Most of the buildings that are under construction are going to take a few months to complete. Yet, if you're looking to move shortly, you don't have to wait around!
You can find options to pre-lease all over the DFW area- from West Ft. Worth to Uptown Dallas to Garland.
Most buildings are offering conventional pre-leases, which guarantee your right to the property upon completion.
A total of 10 developments are offering exclusive pre-leases to seniors. These buildings rent to people over the age of 55. Their main focus is to build a supportive community for seniors while providing social activities and premium amenities.
No matter what lifestyle you choose to live by, there's a place for you in the eclectic metroplex of DFW.
Now, finding that perfect home can be a little more complicated. You've got listings to sift through, units to view, rental applications to fill out. The list goes on. Not to mention that finding affordable rent is a task all on its own.
We're tackling all of that by offering cash back through our rental listings. You can find a home on your own or with the help of our team of experts (it's free)! Check out our listings here. 😊
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