Don’t believe everything you hear about the flood of millennials coming to the center city.
Sure, lots of young folks are heading to Dallas’ downtown and Uptown neighborhoods. But many, many more are moving to the northern ‘burbs where most of the new jobs are.
Out of the more than 32,000 apartments being built in North Texas, the largest share — more than 13,000 units — are going up in Dallas’ northern suburbs.
That’s where thousands of young migrants to the area are settling when they move here to take new jobs in Plano, Frisco, the Telecom Corridor and other fast growing employment centers north of Dallas.
At the end of the first quarter, central Dallas still had the largest number of apartments in the construction pipeline — 3,284 units, according to researchers at Richardson-based RealPage, which makes technology used by property managers.
Frisco is gaining fast with 3,264 apartments being built.
"The urban core and Frisco are still in the lead," said RealPage chief economist Greg Willett. "But Allen/McKinney, Carrollton/Farmers Branch and Intown Fort Worth have lots on the way too."
Allen isn’t too far behind Frisco, with 2,885 new rental units. And almost 2,500 more new apartments are on the way in Carrollton and Farmers Branch.
During the last six years, more than 13,000 apartments have been built in Dallas’ Uptown district, in downtown Dallas and other nearby neighborhoods, according to Real Page.
The bulk of rental units still being constructed in Uptown are in super luxury and high-rise buildings.
Younger renters who are coming to the D-FW for work can’t all afford to be living large in Victory Park. That’s especially true if they are working up in Legacy Park or over in Richardson’s CityLine project with long commutes.
With most of the big corporate moves and business expansions landing on the north side between Fort Worth’s AllianceTexas district and McKinney, apartment builders are following the jobs with their new projects. And they are taking Uptown designs with them.
Most of those new suburban rental communities would be at home in the downtown area with the same amenities you’ll find in the center city.
Last year, developers finished almost 30,000 D-FW apartments. And about the same number of new rental units are expected to open their doors in 2018.
That’s the most of any U.S. market, according to RealPage.
And with fewer apartment building sites up for grabs in Uptown and most of downtown’s old buildings already converted to residential units, don’t be surprised if the suburbs account for most of the apartment openings this year.