The short answer
733,881 units -- with 24,486 recently opened and 29,238 under construction, per late 2019 stats. You can expect all those numbers to be a little bit higher right now.
That is a rental growth rate of 4.4% from summer 2018 until summer 2019, and apartment occupancy for the entire DFW area is 91.7%, with a late-2019 average unit price of $1,160.
The three biggest DFW submarkets in apartment growth were Frisco, Plano, and Lewisville, which averaged about 15% rental growth on an annualized basis. This makes very logical sense in one way: If you look at virtually any DFW job board, almost 80% of new jobs are located in Frisco/Plane. Lewisville has some insanely high-growth companies HQ'd there, including Teladoc.
If you add all 13 counties commonly thought to comprise “DFW,” the population is a bit over 6M, with 1M+ new residents since 2010. The region added about 150,000 new apartment units in the same time frame, which is akin to adding the entire apartment availability of a Jacksonville, FL to the Metroplex in about a decade.
What are some of the reasons for the apartment market being so hot?
A lot of it is economic, including the impact of student loans and older, richer DFW’ers selling their house -- and wanting to get back into the same neighborhoods as empty nesters, but not being able to actually afford that neighborhood as owners, hence renting. That’s another major trend line.
The good news is that DFW’s job market is still hot, and developers are still finding funding -- especially for apartment complexes. Because there is a Presidential election (perhaps you heard about it?) in 10 months, you will probably see a race to develop more and more this year, as the period immediately after a major election -- especially if there’s a change in power -- can have a lot of repercussions for interest rates and general construction. So, in all likelihood, 2020 will be another boom year for the apartment rental market in this area. We will probably end the year north of 800,000-815,000 units, if not higher.
Good news for you: If you need something relatively close to work and play and within your desired budget, we got you covered. There’s a lot of different, nuanced units to choose from out there.