Frisco is second-fastest growing apartment market in U.S., but it isn’t cheap
The Dallas Morning News | Steve Brown | August 30, 2016
Not just the Dallas Cowboys are moving to Frisco.
Thousands of apartment renters are making their way to the Dallas suburb, too.
Frisco was ranked as the second busiest apartment market in the country, according to a new report by industry analyst MPF Research.
In the last four years, Frisco’s apartment base has almost doubled, the Richardson-based research firm found.
“Frisco/Prosper has received 4,298 new apartments since 2012 and has an additional 4,009 units under construction, all of which should be available by third quarter 2017,” MPF analysts say. “Driving apartment demand in Frisco/Prosper is the area’s recent emergence as an employment hub. In fact, Frisco boasts the $5 Billion Mile, with four mixed-use developments funded by over $5 billion in capital investments within one mile, located at the intersection of Dallas North Tollway and Highway 121.”
Renting in Frisco isn’t cheap. The average monthly apartment rent in Frisco is $1,115, MPF reports. That’s about $100 a month more than the Dallas-Fort Worth average.
But creation of thousands of high-paying jobs in Frisco and West Plano is bringing people to the area.
“Tons of companies are flocking to the Frisco/Prosper submarket (or very close to it), and naturally, employees are following,” MPF analysts say in the new report. “Despite high levels of multifamily development, the submarket has continued to report strong occupancy figures and steady rent growth.
“Demand drivers do not appear to be slowing down, suggesting that economic conditions should continue to support elevated supply figures.”
While Frisco was at the top of MPF’s booming apartment market list — second in the nation only to Charlotte’s Uptown district — several other North Texas rental markets also ranked high.
Dallas’ center city “Intown” market was 14th on the MPF busiest markets list, with 6,971 units under construction.
And the North Fort Worth area ranked 16th nationally with 1,010 units in the building pipeline.
The Rockwall, Rowlett and Wylie market was 18th with 1,328 more units on the way.
And Dallas’ Oak Lawn and Park Cities markets was 20th nationally, with 3,061 apartments under construction.
The busiest markets ranking was based on current and completed apartments since 2012.
North Texas is second in the country in overall apartment construction, and more than 50,000 units are on the way.