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

Rent Report

Here's how many Texans are paying too much for rent, report reveals

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Millions of Texas renters, both current residents and new arrivals, suffer from wallet whiplash.

A new report from the Texas Affiliation of Affordable Housing Providers shows 45 percent of the state’s renters spend more than 30 percent of their income on housing. Renters occupy more than 4.2 million Texas households, representing nearly half of the state’s residents.

Worse yet, 81 percent of extremely low-income households in Texas spend more than 50 percent of their income on housing, the report says. For that income group, Texas has a shortage of 864,000 affordable homes.

Thirty percent is the standard financial benchmark for spending too much income on rent, while 50 percent puts a renter in the “severely cost-burdened” bucket.

“To sustain growth and secure future prosperity, Texas will need more than 320,000 additional affordable homes [rented and owned] to address workforce housing affordability and meet the demands of a growing population,” says the report.

“Today, the state is creating thousands of new jobs,” the report adds, “but housing supply has not kept pace with demand, driving up housing costs and constraining continued economic growth.”

Not surprisingly, people who live in or move to three of Texas’ biggest metro areas get hit with the state’s highest apartment rental rates. Here’s Apartments.com’s list of the 10 most expensive places for renters in Texas, based on apartments whose average size ranges from 713 square feet in Austin to 771 square feet in Plano:

1. Frisco — $1,477 per month
2. Plano — $1,461 per month
3. Austin — $1,417 per month
4. Dallas — $1,413 per month
5. McKinney — $1,363 per month
6. Grand Prairie — $1,327 per month
7. Irving — $1,318 per month
8. Garland — $1,237 per month
9. Fort Worth — $1,217 per month
10. Houston — $1,183 per month

San Antonio boasts some of the lowest average rent among Texas’ 10 most affordable markets: $1,075 per month. Mesquite, a Dallas-Fort Worth suburb, also fits into that category, with average monthly rent of $1,052.

Earlier this month, Gov. Greg Abbott announced more than $114 million in grants to help develop or rehabilitate properties, providing more than 4,400 affordable rental units.

“As our state grows, we must ensure that Texans have access to the affordable housing they need to thrive,” Abbott says.

rent report income cost burden affordability rent prices

411 for renters

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

Rent Report

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