Just three units behind New York City, Dallas is set to complete construction on 32,932 new apartments by the end of 2024.
DALLAS — Dallas-Fort Worth is cementing itself as one of the fastest-growing metropolitan areas, ranking high in the U.S. for new apartment construction, per RentCafe.
DFW came in at the number two spot with 32,932 new apartments expected to be completed by the end of the year. The metroplex fell just three units behind New York City in the top spot with 32, 935 new apartments in 2024.
The study shows Dallas proper (5,267 units) represents the largest number of new units across the metro, followed by Fort Worth (4,608 units) and Frisco (2,020 units).
The findings may not come as a shock to North Texas residents. From 2019 to 2023, Dallas ranked number one in new apartment construction, topping New York by 12,211 units.
This boom in apartment construction is tied to a jump in demand for apartments across DFW. According to a study by CoStar, DFW ranks right behind New York City in apartment demand over the past year.
Dallas is not the only Texas town booming according to RentCafe’s study. Other cities include Austin, ranking 3rd, Houston, ranking 9th, and San Antonio, ranking 16th.
Dallas is expected to hold onto the number two spot over the next five years, with over 108,000 new apartments expected to be built by 2028, RentCafe’s study shows. However, that is a drop-off from the number of units built over the last five years.
The study shows across the U.S., apartment construction has hit a new high for the third year in a row. By the end of the year, RentCafe estimates developers will complete 518,108 new units nationwide, a 9% increase over 2023 and a 30% increase from 2022.