That rental reprieve that was forecasted for 2016 might have something to do with the number of apartments constructed in Dallas in 2015. Although not quite as busy as they were in 2014, when they built more than 6,000 units, developers still erected 19 buildings with more than 50-plus units each, totaling 5,351 new apartments this past year.
RentCafe looked at the newcomers to determine the 10 largest contributors to the rental market, using data from "apartment market intelligence source" Yardi Matrix. Let's just say there are some behemoth new living choices in Dallas.
Elan City Lights, on Live Oak near the Latino Cultural Center, is the biggest, with 424 units and a whopping 320,737 total square feet. The LEED-proposed Silver 3700M, on McKinney Avenue in Uptown, is close behind, with 381 units spread out over 340,864 square feet. The Alexan Fairmount comes in third, with 368 units, most of which are one-bedroom apartments.
Not all of these new complexes are in and around downtown; Lake Highlands, Prestonwood, and Addison all make appearances on the top 10 list, which includes these:
- Olympus at Ross, 368 rental units
- NorthRock Lake Highlands, 362 rental units
- Locale, near Lemmon and Dallas North Tollway, 348 rental units
- SkyHouse Dallas, near the Perot Museum, 336 rental units
- Aura Prestonwood, 322 rental units
- VV&M Boutique Residential Living, by Montfort and Belt Line, 310 rental units
- One Dallas Center, near Bryan and St. Paul, 276 rental units
All told, these 10 properties account for 3,500 of the new units constructed in 2015. As is to be expected, all of these apartment communities boast top-of-the-line finishes and perks: tanning beds, relaxation gardens, granite and quartz countertops, fitness and yoga studios, and dog runs.