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Apartment growth in past 5 years in Dallas, USA

Located in north Texas, Dallas is the 9th largest city in the USA and the 3rd largest in the state of Texas. The city covers a total area of 385.8 square miles and is one of the fastest growing major cities with a skyline that has several buildings above 210 meters.

With a rich history that goes back to mid 1800s, downtown Dallas is famously known as the place where President J. F Kennedy was assassinated in the year 1963. Some of the architectural landmark buildings and notable skyscrapers include the Reunion tower, JFK Memorial, the Fountain Place and Renaissance Tower among many others.

Architecture and neighborhoods of Dallas

Dallas has many districts with architecture that dates back to late 18th and early 19th centuries yet adorned with both modern and postmodern designs. Depending on the area, you will find variants of architecture from Gothic Revival, Ovarian and neoclassical to modern commercial architecture.

While the downtown districts are characterized by dense retail, restaurants and nightlife, the eastern neighborhoods are characterized by historic prairie inspired homes like those of Swiss Avenue.

In the southern region, you will find neighborhoods like Cedar, Oak Cliff, Bishop Arts and Pleasant Groove which have seen great development in recent times to become one of the social and attractive destinations in Dallas.

The growth of Dallas apartment market

Over the last five years, there is no denying that Dallas has experienced an incredible apartment development boom with over 30,000 individual apartment units being opened between the year 2012 and 2017. It is therefore not surprising that Dallas found itself in the list of one of the best cities for residential real estate apartments in the US.

This has been largely driven by the availability of jobs, the growing population and the fact that it is cheaper to rent an apartment than to buy a home in Dallas. Whether this is going to stop soon is not likely because the town still has room for more growth and there is also a steady flow of new residents.

This is a case where the supply is meeting demand for apartments. For now, there are no indications of lower occupancy or decrease in rental prices which are usually the telltale signs of over-building.

Dallas rental prices

The entire Dallas-Fort Worth Area has been leading the nation in apartment boom and as expected, the rental prices have seen an average jump by about 30% within the last five years. It is true that the area is also witnessing a soaring cost of construction materials but there is no indication of this leading to a rental market crash in the near future.

This may only lead to a slowdown in the construction of new apartments in some areas. When it comes to rent growth, Dallas is witnessing a balance between the main cities and suburbs with the average rent having reached $1,100 threshold.

Dallas neighborhoods with booming apartments

Development of apartments started in Uptown north of and adjacent to downtown Dallas. But as the land value went up and the land became scarce, the development shifted to the surrounding areas including Knox/Handerson in the north, Victory Park in the south as well as southern neighborhoods like Trinity Groves, Farmers Market and Cedars.

It is clear that Dallas in one of the best places to relocate to right now and many people are actually doing it. As a new arrival, finding a good apartment should be easy since you only need to contact one of the apartment locators in Dallas that will help you make the best decision regarding your new apartment.

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