Almost a dozen new Dallas-area apartment projects on the way are aimed at high-income renters.
These high-rise buildings fetch rents many times what the standard local apartment goes for.
More than 4,000 of these super-luxury apartments are just opening or are on the way in North Texas.
It’s a good thing then that high-income renters are the fastest-growing segment of the U.S. housing market, according to a new report by Apartment List.
The apartment marketing firm says that the number of rental households earning $100,000 or more has grown 48 percent in the U.S. since 2008.
“Over the past 10 years, the U.S. has seen a dramatic increase in the number of high-income renter households, from 3.8 million in 2008 to 5.7 million in 2017,” Apartment List researcher Rob Warnock said in a new report. “Renter households earning six-figure salaries have become more common in nearly every segment of the country, from major metropolitan cities to the suburban and rural areas in between.”
Of course, with soaring apartment costs in many major U.S. metros, you’ll need a six-figure salary to pay the rent.
But since the housing crash of a decade ago, an increasing number of older, well-off urban residents have been trading homeownership for a rental lifestyle in new luxury buildings.
Empty nester and boomer residents are showing up in apartment projects that a decade ago were aimed at mostly young renters.
Some U.S. metro areas have seen a huge spike in high-income renters. The number of high-income renters has grown by more than 100 percent in markets including Denver, Austin, Oklahoma City and New Orleans, according to Apartment List.
In the D-FW area, the number of high-end renters jumped more than 90 percent during the same period.
“High-earning households are not the only expanding renter group,” Warnock said. “The total number of renters in the U.S. has grown 15 percent over the past decade, with new renter households being formed at all income levels.
“High-earners, however, entered the rental pool significantly faster than others, resulting in a sizable shift in the population.”