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Multifamily Markets: Dallas
That the bulk of multifamily development in the Dallas/Plano MSA takes place in the Plano/Allen/ McKinney submarket, and that should come as no surprise. In Niche’s ranking of 228 cities across America, Plano ranked in the top 10 in six categories. It also came in as the #23 best city for millennials, an important driving factor for multifamily development.
Jobs will always be one of the most important drivers of housing growth, and Dallas ranks as the 25th best metro in the United States for finding work. According to Berkadia Research, 2017 was the second consecutive year that Dallas-Fort Worth added more than 100,000 jobs, with job growth more than double the national rate. This trend will only get better, as MarketWatch ranked Dallas-Plano-Irving as the fourth best for growth, employment, and business opportunities. This is largely due to the addition of 50,000 high-skill jobs in professional, scientific, and technical service industries.
Tech jobs, in particular, play a large part in attracting millennials, a cohort more likely to rent than to own, and Dallas has plenty of jobs to offer. According to a 2017 survey from jobs site Glassdoor, Dallas ranks #6 in the nation as the top cities outside of Silicon Valley for tech jobs overall, and #7 in attracting the highly-sought software jobs.