apartment building boom

Dallas-Fort Worth ranks No. 2 for most new apartments built in 2025

Dallas is building the most new apartments out of all Metroplex-area cities in 2025.

Photo courtesy of Simpson Property Group

A new apartment construction analysis shows Dallas-Fort Worth will keep building as long as the Metroplex keeps growing. The DFW metro area has the second-highest rate of new apartments being built in 2025, bested only by New York City.

RentCafe's report, "New Apartment Construction Tops 500K Units This Year, More Than Half in 1 Region" examined apartment building data across 369 U.S. metro areas, specifically buildings containing 50 or more units.

More than 500,000 apartments are in development throughout the country this year, the report found, though that's far lower than the 640,000-plus units that were completed nationwide by the end of 2024. This year, more than half of incoming apartments are being built in the South, where three Texas metros are leading the building boom: Dallas-Fort Worth, Austin, and Houston.

DFW has the second-highest number of new units being built in the U.S. this year, totaling 28,958 apartments. However, RentCafe says that's a 22.4 percent drop in completed apartments as compared to 2024.

"Even with this slowdown, the Metroplex remains one of the top places in the country for new apartment completions," the report's author wrote. "As such, this dip in construction may just be the market taking a breather after a period of intense growth. But, with so many people still moving to the area, the demand for housing remains high."

Broken down by Metroplex cities, Dallas is expected to complete 5,778 apartments this year, the most new units out of all cities in the Metroplex. Fort Worth follows behind with 3,793 units under construction. McKinney, the No. 1 best city for renters in the U.S., is building 2,006 new apartments, which is the third-highest in Dallas-Fort Worth.

Here's how many new apartments are expected to be built by the end of 2025 in other DFW cities:

Denton – 1,719 units
Frisco – 1,528 units
Anna – 1,113 units
Grand Prairie – 868 units
Carrollton – 839 units
Arlington – 816 units
Allen – 806 units
Prosper – 788 units
Greenville – 718 units
Euless – 651 units
Irving – 639 units
Rowlett – 631 units
Lewisville – 625 units
Richardson – 481 units

The top 20 cities for apartment construction
A separate RentCafe ranking of the top 20 U.S. cities (not metros) building the most new apartments in 2025 unravels the Metroplex; Dallas ranked ninth, while Fort Worth ranked 20th.

The city of Austin topped both Dallas and Fort Worth, claiming the No. 1 spot with 15,195 new units expected to be completed by the end of the year, and Houston ranked 3rd on the list with 7,770 apartments in development inside the city limits. San Antonio also earned a top-10 spot, landing in 7th place with 5,921 apartments being built in the city.

RentCafe attributes Texas' apartment building boom due to the state's reputation as a "migration magnet" with excellent job and economic growth rates.

"Southern metros typically offer streamlined approval processes and fewer regulatory hurdles, making it easier to bring multifamily projects to market," said Yardi Matrix senior analyst and manager of business intelligence Doug Ressler. "At the same time, elevated home prices and a shortage of attainable for-sale housing are pushing more residents toward rentals. For many households, single-family (housing) ownership is simply out of reach — fueling demand for rental housing."

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Big deal

Houston investor acquires Bishop Arts mixed-use portfolio in $170M deal

Photo courtesy of Hines

Michelin-recognized Written by the Seasons is one of several Bishop Arts businesses acquired by a Houston-based investor.

A Houston investor has snapped up a mixed-use portfolio of nine buildings in the Bishop Arts District, the second Bishop Arts property acquisition since August.

Hines Global Income Trust told CultureMap it paid more than $170 million for a mixed-use complex with 539 apartments and 49,000 square feet of high-end shops. The Bishop Arts Portfolio, as Hines refers to the real estate package on its website, sits on almost seven acres.

“Bishop Arts is a special place, shaped by the care and investment of its prior ownership. We see our role as building on that foundation through thoughtful ownership and Hines’ integrated operating platform,” Corbin Eckel, managing director at Hines, told CultureMap.

Hines identified the seller as Dallas-based Exxir Capital. Exxir developed Oak Cliff's 750,000-square-foot, two-block Bishop Main Street area, which features retail, residences, and offices, and includes the properties acquired by Hines.

Tenants of the newly acquired properties include:

Italian restaurant Lucia, a Michelin recommended restaurant.
Michelin-praised Written by the Seasons, which serves a New American menu.
Paradiso, a Southern European-inspired eatery.
Bar Eden Lounge, a swanky cocktail bar.
Village Baking Co., an artisan bakery.

Hines is taking over all leases at the residential properties:

Bishop North, 200 N. Bishop Ave.
Bishop Canopy, 515 W. 10th St.
Bishop Flats, 305 and 431 Melba St.
Treehaus, 211 W. 10th St.
Retail at 308 and 275 N. Bishop Ave.; 404, 332, 336 and 337 Melba St.; and 403 and 321 W. Ninth St. Altogether, the portfolio’s retail component comprises 22 tenants.

The Hines deal comes two months after Dallas-based investor 90Ten purchased 301-321 N. Bishop Ave.301-321 N. Bishop Ave. in Bishop Arts. Tenants include burger diner Hunky’s, Italian pastry and coffee purveyor Palmieri Café, vintage clothing store Dolly on Bishop, gift shop Kawaii Candle Co., and cosmetics retailer Simply Bella.

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