Dallas, Texas, is a city of expansive offerings and mass appeal. Home to nearly 1.25 million, this city—which is so great, it has had two television shows named for it—is attracting new residents in droves. In fact, the DFW Metroplex, which includes Dallas, Fort Worth, Arlington, and the surrounding suburbs, grew from July 2011 to July 2012 more than any other metropolitan area in the country, according to the U.S. Census Bureau.
The Dallas Appeal
There are a number of things that continue to bring more and more people to Dallas. It starts with the city’s ability to offer jobs. Its primary industries include energy (sitting just atop the Barnett Shale), financial services, and healthcare. And, having added thousands of jobs in the last 12 months, the growth is only expected to continue. In fact, Forbes reports a 5-year expected annual job growth rate of 2.8% and an unemployment rate just under 6%.
But it’s not just the job market bringing people to the city…far from it. Dallas has a rich cultural appeal. Its theaters, art, and events, bring people even from New York to enjoy its offerings. It is home to the Cowboys, the Mavericks, the Stars, and a number of other entertainment options. It is also home to some of the best restaurants and shops in the world. For these reasons and more, many celebrities have chosen to call it home, and keep the demand for apartment living at all-time highs.
The Dallas Rental Property Market
Thanks to job growth that continues to outpace development, the Dallas rental property market is expected to continue growing strong through 2014. The Multifamily Executive says owners and property managers should expect to raise rental rates by 3.9% over the coming year, and it may not end there. With the increase of people moving to Texas regularly, David Mintz, vice president of government affairs at Texas Apartment Association, says apartments are the common choice. “It’s the convenient easy way to find housing,” he said.
A recent article in the Daily Beast predicts that cities like Dallas will only grow in popularity. “These low-density, car-dominated, heavily suburbanized areas with small central cores likely represent the next wave of great American cities,” says the pub. Sounds like the perfect scenario for a savvy multifamily investor…
Dallas Born and Bred
With this knowledge, the best thing owners can do is leverage it to their advantage by positioning their property to attract the newcomers. Of course, it helps to work with a team who knows and thoroughly understands the market and what it takes to get and keep the best tenants. Class A Management was born and bred in the Metroplex and we know Dallas. Let us help your property stand out. Contact us today at 817-284-1411 or request information by email at firstname.lastname@example.org.