Some U.S. neighborhoods have witnessed explosive apartment growth during the past 10 years, as a record number of completions have occurred during the latest apartment building cycle. Texas is home to most of the highest-growth markets, according to a RealPage report.
Twelve of the nation’s 997 submarkets within 150 apartment markets saw apartment inventory grow by more than 140% during the past decade. That compares with overall U.S. apartment growth of 21% between 2014 and 2024.
Three Dallas submarkets were among the dozen that grew the fastest over the past decade. They are Frisco, up 238.3%; Rockwall, up 234%; and Kaufman County, up 143.9%. Frisco, which more than tripled its apartment inventory during the past decade, was the third-fastest growing submarket in the country, behind Brooklyn and Jersey City.
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The affluent Rockwall/Rowlett/Wylie submarket adjacent to Lake Ray Hubbard added 8,800 units during the past decade, and the Kaufmann County submarket saw its inventory more than double with the addition of 3,716 new apartment units.
The overall Dallas market has added nearly 201,000 units in the past 10 years, making it a national leader for completion volumes, said RealPage.
Other Texas areas that ranked among the fastest-growing apartment submarkets were the East Austin, Southeast Austin, and Cedar Park submarkets of Austin, the North Forth Worth submarket of Fort Worth, and the Spring submarket of Houston. The East Austin and Southeast Austin areas have benefited considerably from the construction of Texas State Highway 130, a tollway completed in 2012. Cedar Park has been a suburban magnet, drawing young adults with large corporate tech headquarters like Apple and Google, according to the report.
Houston and Austin followed Dallas on the national list of fastest-growing apartment markets, with 164,000 units and 126,100 units added. Outside of Texas, the fastest growing apartment submarkets included Nampa, Idaho; Navy Yard, Washington, D.C.; Central Nashville, Tennessee; and Central Phoenix, Arizona.
RealPage said Texas apartment supply volumes should drop notably in the near term, but these submarkets will continue to feel the effects of sizable inventory growth for at least the next few years.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
