Study: Dallas Luxury Apartments Rising At Record Rates
Follow CBSDFW.COM: Facebook | Twitter
DALLAS (CBSDFW.COM) - State-of-the-art pools, private fitness studios and granite counter tops are coming to Dallas as a record amount of new, luxury apartments are rising up throughout the area.
New figures released by apartment data firm Axiometrics show Dallas is the #2 metro area for luxury apartment construction, second only to New York City.
"Call it a luxury. It is a luxury to have a great quality of life," said Lucy Billingsley of the Billingsley Company.
Billingsley's company is investing in several planned, high-end rental complexes in the Dallas area.
"The typical person would be surprised because the typical person doesn't have on their radar, where's the growth in the country," said Billingsley.
She said her company is targeting soon-to-be retired couples who are selling their homes and newly-arriving Millennials who are making higher wages.
"The dollar goes a lot further here. And we get parks, trails and lakes and granite kitchens and club houses and work out facilities," said Billingsley.
Jay Denton at Axiometrics helped compile the numbers.
"Usually you think of Washington DC, New York, Boston, LA. Well now Dallas is a market that has really risen to that top tier," said Denton.
He said people should not worry about getting priced out of the area. Denton said there is less of a spread in Dallas between luxury and the middle of the market.'
"In New York, it's thousands of dollars. Well here, we're talking $500," said Denton.
If the apartments were not being built, Denton said there would be a housing shortage in the Dallas area.
Developers said they do not expect the amount of building to continue at the current rate but they do expect the area to continue growing for at least another two years.