Finding an apartment near campus in Dallas might be less of a hassle for students in the coming years. In a new report, by commercial real estate firm Jones Lang LaSalle, the Dallas-Fort Worth area is forecasted to be the country’s top apartment leasing market over the next three years.
“They have to build to keep up with the people who are coming in,” Ebby Halliday apartment relator Paula Hightower said.
North Texas has about 25,000 apartments currently under construction, more than any other major metropolitan market in the U.S. Apartment leasing is projected to total almost 70,000 units through 2017, the researchers said. Greystar, an apartment firm, is planning to build 1,674 in Dallas.
There are concerns about the current rate of apartment construction as researchers predict that new supply in the DFW area won’t keep up with increasing renter demand.
“It’s not because [apartment renters] can’t afford a home,” Hightower said. “It’s a lifestyle choice for people living in apartments.”
The walk-and-go and maintenance-free options of the apartment life is appealing to more people. Most apartments that are being built are “luxury style.”
“When they invest to build apartments they make sure they have all the amenities plus something else to make it different,” Hightower said.
Last year, Ebby Halliday had one of its most profitable years and is expecting to do even better this year.
Dallas is ranked number four in the 2014 Forbes America’s Fastest Growing Cities list. The city is known for its business-centric atmosphere. Areas like Uptown, Deep Ellum, Trinity Groves and the Arts District are expanding commercially, culturally
and residentially.
“Our business is already booming.” Hightower said.
Just down the street from SMU, the Landmark at Lovers Apartments are being built. The urban luxury apartments are marketed to 25 to 45-year-olds, although there are prospective residents outside that age range, according to Landmark at Lovers’ assistant manager Claire Scheihing.
“We’ve had some SMU students look into leasing,” Scheihing said.
Junior Kelsey Cordutsky, a marketing and creative advertising major from Denver, is looking for apartments for the first time in Dallas.
“It been a different kind of search,” Cordutsky said. “I’ve always had the comfort of knowing I have a place on campus.”
She has been a RA for the past two years. Figuring out how many roommates, whether renting a house is a better option and price are some of the things she
is considering.
“There have been a lot of options,” Cordutsky said. “Living in Dallas can be pricey.”
A 588-square-foot one-bedroom/bathroom apartment at Landmark at Lovers Apartments is a little over $1,200 a month. BLVD, a popular option for SMU students, starts at $950 a month.
“Price really depends on the neighborhood,” Hightower said.
Hightower researches properties before presenting an average of five apartment options to her clients. It usually takes her clients about four hours to make a decision.
Although apartment vacancy rates are 1 percent higher in the DFW area, U.S. apartment vacancies are at a 10-year low.
The Landmark at Lovers Apartments is currently at 2.9 percent occupancy and the leasing rate is much higher. The complex will be completed in March 2014 with 336 units.
The apartments are one of The Carbon Companies’ properties. Carbon Companies is a multi-disciplinary team that in-houses construction, design, development and management. Although they are based in Dallas, Landmark at Lovers is the first Dallas property for the company.
“They’re building a flagship to represent themselves,” Scheihing said. “It’s a fabulous property to show what they’re capable of and their style.”
