land of many high rises
This Dallas-area zip code ranks 5th hottest in U.S. for new apartments in last 5 years
More people means more apartments to fit them all.
Nearly all of Dallas-Fort Worth has experienced a flurry of apartment construction to accommodate the equally expanding population in the last few years. In fact, eight Dallas-area zip codes were the hottest markets for new apartment construction between 2018 and 2022, according to a new rental market analysis by RentCafe.
Frisco is fifth in the nation
Most impressively, the zip code 75034 in Frisco was the No. 5 hottest market in the U.S., with a 70 percent growth rate for apartments. Nearly 5,900 new apartments built in the last five years, with a majority (96 percent) of units falling in the category of "luxury apartments."
According to the study, the median age of a person living in 75034 is about 36 years old, and the median income for the area is $65,816. This could be attributed to several major employers being located in the Dallas suburb, such as T-Mobile, Oracle, and Amazon.
"[Big corporations in Frisco], along with a highly rated school system, makes the city attractive for everyone from young professionals to families with children," the report said.
Frisco joins the likes of several major U.S. cities with similar explosive apartment rental growth, and outranks all other zip codes in Texas.
The top 10 zip codes that built the most new apartments from 2018-2022 are:
- No. 1 – 20002 in Washington, D.C. (73.1 percent growth rate)
- No. 2 – 20003 in Washington, D.C. (122.2 percent growth rate)
- No. 3 – 11101 in Queens, New York (73.5 percent growth rate)
- No. 4 – 37203 in Nashville, Tennessee (96.6 percent growth rate)
- No. 5 – 75304 in Frisco, Texas (69.5 percent growth rate)
- No. 6 – 85281 in Tempe, Arizona (38.8 percent growth rate)
- No. 7 – 30309 in Atlanta, Georgia (65.1 percent growth rate)
- No. 8 – 92101 in San Diego, California (46.4 percent growth rate)
- No. 9 – 07302 in Jersey City, New Jersey (41.1 percent growth rate)
- No. 10 – 98052 in Redmond, Washington (51.8 percent growth rate)
Four other Dallas-area suburbs landed in the top 50
For workers commuting into Dallas from outside the city limits, the zip codes 75052 in Grand Prairie and 75070 in McKinney were the No. 18 and No. 19 hottest U.S. markets for new apartment construction. Both suburbs had a little more than 4,000 new units built between 2018 and 2022, which translates to a 78 percent growth rate in Grand Prairie, and a 50 percent growth in McKinney.
The Colony's 75056 zip code ranked No. 30 in the nation, with a 44.5 percent growth rate. The study says 3,461 new apartments were built within the five year period.
Edging its way into the top 45 was 75082 in Richardson (No. 44). The city saw 2,875 new apartments built between 2018 and 2022, a 79.5 percent growth rate.
Dallas proper zip codes
Located in the heart of the city, 75204 encompasses parts of Baylor-Meadows, Old East Dallas, Belmont Park, Uptown, and State Thomas on both sides of Interstate 75. It ranked No. 21 in the report, with more than 3,800 new apartment units constructed between 2018 and 2022.
On the northwest side of town, 75234 in Farmers Branch ranked No. 30 with more than 3,300 new apartments built within the same time span. This zip code had the highest growth rate out of all Dallas-area zip codes at 88.7 percent.
On the opposite end, the Dallas zip code with the smallest growth rate was 75206, located between the area east of I-75 and Skillman Street. The zip code earned No. 41 in the study, and had 3,076 new apartments constructed from 2018-2022.
The full report can be found on rentcafe.com.
