The Dallas apartment market has expanded by great leaps during the current economic cycle and is quickly catching up to the size of Washington, DC. In early 2010, when this economic cycle began, the fifth largest apartment market – Washington, DC – had about 535,000 total units. Nearly 50,000 units behind, Dallas took the sixth spot with 487,000 total units. Adding further perspective, Newark was #7 in the country with about 464,000 units. Fast forward nearly a decade to 4th quarter 2019 and that 50,000-unit gap between DC and Dallas has shrunk to less than 13,000 units. That underscores how aggressive building activity has been in Dallas. So far this cycle, Washington, DC has seen 90,000 new units complete while Dallas has gained over 125,000 new units. Newark, meanwhile, has seen delivery of fewer than 50,000 new units. Dallas and DC are expected to remain close in size in the near term, as more than 30,000 units are currently under construction in each market.
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