reaching new heights

Dallas nearly beats New York for the most new apartments built in 2024

New apartment construction rates are soaring sky high in Dallas.

Photo courtesy of Simpson Property Group

Apartment construction has been skyrocketing in Dallas-Fort Worth, and the metro is on the brink of surpassing New York City, boasting the second-highest rate of new apartment construction in the nation, according to a new insight report from RentCafe.

The report from August 7 analyzed new apartment construction data across 369 U.S. metropolitan statistical areas (MSAs). For the purpose of the study, only apartment buildings containing 50 or more units were included. Any U.S. metros with fewer than 300 units or fewer than two properties/buildings were excluded.

RentCafe's data estimated Dallas-area developers are expected to build a staggering 32,932 total apartment units in 2024, which is just three fewer units than No. 1-ranking New York City's anticipated goal. In just Dallas proper, 5,267 units are estimated to be complete by the end of the year.

Dallas also topped the charts for the highest apartment construction rate between 2020 and 2022, with 76,660 new apartment units opening around Dallas-Fort Worth since the beginning of the so-called "pandemic building boom."

The report attributes booming construction rates to DFW's steady population growth, the area's thriving job market, its relative affordability (in comparison to similar-sized U.S. metros), and its desirability among major employers.

"Naturally, corporate relocations create jobs and boost wages throughout the metroplex, further fueling economic growth and attracting newcomers who need housing," the report's author wrote. "And, to address the growing need of apartments, the city of Dallas could leverage its untapped vacant land and streamline the permitting process, potentially adding up to 100,000 new apartments."

Fort Worth is expected to build the second highest number of new apartments in North Texas, totaling 4,608 units. Other large suburbs like Frisco and McKinney will complete an anticipated 2,020 and 1,675 apartments by the end of 2024, respectively.

Here's how many new apartments are expected to be built by the end of 2024 in other Metroplex-area cities:

Grand Prairie – 1,468 units
Melissa – 1,334 units
Plano – 1,247 units
Garland – 1,190 units
Arlington – 1,190 units
Prosper – 1,158 units
Lewisville – 982 units
Denton – 910 units
Richardson – 734 units
Sachse – 686 units
North Richland Hills – 643 units
Irving – 530 units
Carrollton – 508 units
Burleson – 454 units

Dallas-Fort Worth apartment construction by 2028
Based on the number of newly built apartments from 2019 to 2023, RentCafe's analysts extrapolated New York and DFW will continue dominating new apartment construction through 2028. But unlike past years where there was a steady growth in completed units, the report predicts construction will dwindle until 2027, and then experience a big hike in 2028.

"This slowdown is mainly because apartment construction starts have significantly dropped so far in 2024 compared to the same time in 2023," the report said. "Moreover, apartment construction starts are expected to keep falling throughout the next year as developers struggle to get financing due to stricter loan standards amid economic uncertainties, which causes delays in projects."

For context, Dallas-Fort Worth had the highest number of new apartments completed – 128,418 units – from 2019 to 2023, versus New York's 116,207 newly built units.

RentCafe calculated New York will lead the nation with 150,327 new apartments built by the end of 2028, and DFW will trail behind with 108,178 completed units. The Metroplex's anticipated figures are 28 percent lower than New York's expected apartments.

"This indicates that the metroplex is experiencing the aftereffects of its recent development surge (even though its population grew by 152,600 residents in 2023 alone), sustaining the demand for apartments," the report said.

The full report and its methodology can be found on rentcafe.com.

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Love this listing

Extraordinary modern ranch in Grapevine trots onto market for $7.2 million

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

A stunning, 10-acre North Texas property that's fit for a modern cowboy has just hit the market for $7.2 million: Called the Willow Wood Horse Farm, the equestrian paradise is located on West Kimball Avenue in Grapevine, about 30 miles northwest of downtown Dallas.

The ranch is a combination of elegant and thoughtful modern design paired with all of the practicality required of a fully functioning farm.

According to the listing, which is held by Burgher-Ray Ranch Group and managed by David Burgher and Harlan Ray, the ranch includes several fenced pastures, an enclosed and insulated shop storage building with concrete flooring, and a seven-stall horse barn.

A covered and irrigated riding arena is attached to the barn, every stall has its own turnout, and six of the stalls are 12 feet by 12 feet wide, and the seventh is designated as a foaling stall. An additional turnout for grazing is located adjacent to the barn, as well as a training pen.

Willow Wood Horse Farm in Grapevine, ranch for sale The horse barn has seven stalls with individual turnouts.Photo courtesy of Briggs Freeman Sotheby’s International Realty

But the focal point of the entire estate is the 4,353-square-foot, three-story primary residence that sits at the highest point of the gently sloped property. The home was custom-designed and completed in 2022, featuring an exterior made of metal cladding, concrete, durable ipe hardwood, and glass.

From the front door, guests will see views that lead through the home's living areas and into the 3,000-square-foot back deck, past the 80-foot-long saltwater swimming pool, and out toward the pastures.

The chef's kitchen is outfitted with luxurious Gaggenau appliances, such as a steam convection oven, a conventional convection oven, a coffee machine, stove, dishwasher, a separate paneled refrigerator and freezer, and a warming drawer. A half bathroom and full butler's pantry is located to the side of the kitchen, which is equipped with a prep space and a dishwasher.

Additional features of the home include:

Koi ponds located on either side of the main door that welcome guests to the home
An open concept living space that contains the living room, kitchen, and dining rooms
A primary suite with a spacious walk-in closet and en-suite bathroom
Two additional bedrooms with en-suite bathrooms
Soft opening/closing doors in all main bedrooms
Dynaudio speakers installed throughout the home
Geo-thermal heating/cooling system

A custom-built metal spiraling staircase connects all three levels of the home. The second floor includes a viewing area with floor-to-ceiling windows and access to the covered porch and rooftop deck. The lower level leads to an "acoustically balanced" underground home theater featuring eight-foot concert walls, Dynaudio speakers, an Ember Audio sound system, a 250-bottle wine cooler, and a powder bathroom. The listing notes that this area could be converted into a storm cellar.

Willow Wood Horse Farm in Grapevine, ranch for sale The underground home theater has an impressive Ember Audio sound system with Dynaudio speakers.Photo courtesy of Briggs Freeman Sotheby’s International Realty

A detached three-car garage is located next to the home, and has one EV charging station and two additional outlets for charging. Discreetly designed solar panels are hidden on top of the garage, which are capable of powering the entire residence.

The horse barn, irrigation system, and stock pond all run off of a water well located on the property, while the primary residence uses city water with a filtration system.

"Situated in the heart of the Dallas-Fort Worth Metroplex, just minutes from Lake Grapevine, Southlake, and an easy commute to DFW International Airport, this property affords someone the ability to have all the comforts of the city, while living just slightly removed from it all," the listing says.

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

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