North Texas leads the nation in apartment investment, leasing and construction.
Make no mistake, Dallas-Fort Worth is the nation’s apartment capital.
The D-FW area topped the country in apartment investment in the first half of 2021, with more than $7.7 billion in property sales. That was an almost 75% increase in apartment buys from the same period last year, according to the latest estimates from Dallas-based CBRE Group.
North Texas has seen a flurry of apartment property purchases in the last year as investors zeroed in on the rental sector as a choice buying option.
Two high-profile Uptown Dallas apartment towers — the Mondrian and the Gables Uptown Tower on McKinney Avenue — are just two of the local rental communities to recently change hands.
Apartment sales are booming nationwide, too.
“Second quarter 2021 volume was the highest quarterly level in at least 15 years,” CBRE analysts said in their latest look at the market. “Multifamily accounted for 36.6% of the first half of 2021′s total commercial real estate investment volume, followed by industrial at 20.6% and office at 18.9%.”
More than $92 billion in U.S. apartment properties changed hands in the first half of the year.
Along with D-FW at the top of the list, Houston ranked seventh nationally for apartment investment this year and Austin was in the No. 10 spot.
North Texas apartment rents soared by 9.3% in July from a year earlier, according to the latest data from Richardson-based RealPage.
And rents in some of the newest, luxury rental communities are up 14% year-over-year.
D-FW leads the country in both apartment leasing and construction, with more than 38,000 units under construction.