411 for renters

2 North Texas cities rank among best places to find new apartments in 2023

Every apartment complex must have a great pool.

Photo by Flood Photography, courtesy of Greystar Properties

Renters seeking new apartments could have the best luck finding their new home in two Dallas suburbs, a new study says.

RentCafe has named Frisco and McKinney as the fourth and fifth best cities for finding new apartments in 2023, respectively. The apartment listing service ranked the top 50 U.S. cities for finding new apartments by analyzing the number of new apartments opened in the last 10 years, how large they are, the most recent occupancy rate, and the quality of neighborhoods where they are located.

The RentCafe report notes that apartment buildings are almost full in every metro area across the U.S., meaning renters have a higher chance of finding available apartments in newly built communities.

So, what made Frisco and McKinney stand out?

Over the last 10 years, Frisco has seen a 194.7% increase in new apartments, according to the study. The city also boasts a 92.9% share of new apartments in top locations and an occupancy rate of 95.1%. The average apartment size in Frisco is 933 square feet.

Frisco is also one of the fastest growing cities in the U.S., thanks to its “booming economy, amazing sports scene, countless entertainment options, proximity to the great outdoors and high safety rating,” the study says.

As for McKinney, the city has increased its new apartments by 111% in the last 10 years and has 90.5% of its apartments in top locations. The average apartment size is 918 square feet, and 94.1% of McKinney apartments are occupied.

Much like Frisco, McKinney has “a thriving economy, great quality of life and high-paying job opportunities in various industries,” the study says.

Texas cities dominated the ranking with 12 cities in the top 50, six of which made it into the top 10. In addition to Frisco and McKinney, the cities of Midland (No. 2), Humble (No. 3), Spring (No. 8), and Katy (No. 10) also made it to the top 10.

Boca Raton, Florida took the No. 1 spot in the survey.

No. 2-ranked Midland, which is part of the Permian Basin area, saw a 56.8% increase in new apartments. About 40.7% of the city’s apartments are in top locations, and the average size of new apartments is 913 square feet. Meanwhile, about 81.8% of the apartments are occupied.

In the Houston suburb of Humble, which ranks No. 3, there has been a 45.2% increase in new apartments over the past decade. The occupancy rate is 91.1%, and the average size of new apartments is 925 square feet. About 78% of new apartments are in top locations.

Humble’s suburban location and proximity to Houston could be what entices renters to move to the “hidden gem,” the study says.

Also a Houston suburb, No. 8-ranking Spring boasts an occupancy rate of 94.5% and an average apartment size of 947 square feet. New apartments have increased 112.4%, and 48% of new apartments are in top locations.

Spring has seen substantial growth, mostly thanks to ExxonMobil’s 2011 decision to build a campus there and expand its operations in Texas. While the campus was being built, many ExxonMobil employees relocated from Irving to Spring.

The tenth best city and another Houston suburb, Katy, has seen a 123.2% increase in new apartments. About 44.9% of those apartments are in top locations, and the average occupancy is 94.9%. The average size of new apartments is 951 square feet.

Katy offers “the best of both worlds” to many renters: small-town charm and big-city amenities. The city’s highly rated schools and major employers contribute to its success. Also, Katy is a popular retirement spot because of its health care facilities and recreation centers.

Elsewhere in Texas, the top 50 included a mix of bigger cities, college towns, and suburbs:

Round Rock, No. 22
Increase in new apartments: 36%
Share of new apartments in top locations: 91%
Occupancy: 92.6%
Average size of new apartments: 895 square feet

Richardson, No. 25
Increase in new apartments: 79.5%
Share of new apartments in top locations: 96.5%
Occupancy: 95.7%
Average size of new apartments: 877

College Station, No. 31
Increase in new apartments: 49.6%
Share of new apartments in top locations: 19.9%
Occupancy: 94.4%
Average size of new apartments: 1,039 square feet

Houston, No. 35
Increase in new apartments: 20%
Share of new apartments in top locations: 63.9%
Occupancy: 89.9%
Average size of new apartments: 929 square feet

Conroe, No. 36
Increase in new apartments: 85.4%
Share of new apartments in top locations: 30%
Occupancy: 95.1%
Average size of new apartments: 935 square feet

Plano, No. 42
Increase in new apartments: 27.4%
Share of new apartments in top locations: 92.7%
Occupancy: 93.3%
Average size of new apartments: 905 square feet

No Cap

Dallas was a top-10 destination for Gen Zers on the move for 2023

Photo by Lance Asper on Unsplash

Who wouldn't want to live in a Gen Z paradise like Dallas?

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles — and now Dallas, which had the ninth-highest inflow of Gen Zers in 2023.

Dallas' new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Dallas saw an influx of 13,770 Gen Z residents last year to become the generation's No. 9 most popular city. That's 4,223 more Gen Zers than the net migration rate from 2022, the report found.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

However, as Gen Z Dallasites may have learned, it's going to take a big bite out of their paychecks to live in such a highly sought after city. A March RentCafe housing cost analysis predicted Gen Z adults living in Dallas are likely to spend over $149,000 on rent by the time they are 30 years old.

While Dallas saw big gains in its Gen Z population last year, many other big cities saw a mass exodus. Plano, for example — which gained 1,295 Gen Z residents in 2022 — lost 4,028 Gen Zers in 2023, the report discovered.

The biggest Gen-Z exodus was in El Paso, with a drop of 5,607 — "a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota

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