In Dallas, so many apartments they’re giving them away

Perry Guest Companies

Many renters are getting a month of free rent or the equivalent, anyway.

Dallas is No. 4, just behind Austin, Houston and Atlanta when it comes to rent concessions—that means we have a vast amount of apartments in existence and/or under construction.

The high rate of competition can mean discounts, deals and incentives.

I recently moved into a new building, built on the footprint of an old building, on San Jacinto in East Dallas. When I first looked at the place, my bedroom window overlooked an empty field. When I moved in one week later, I looked out the same window and saw a new apartment building. These multifamily rentals are sprouting like bamboo. In fact I learned that Perry Guest Companies has purchased three blocks of the area, where they are building several boutique-sized complexes.

A study by Richardson-based RealPage shows Dallas ranks fourth for concessions among the 15 U.S. markets that are most active with multifamily building.

Since 2015, the city has added 57,863 new units, the study shows.

Proliferation of apartment units in Dallas’ core as well as suburban areas “has led complexes to offer an average 7.9 percent in concessions, or roughly a month’s worth of free rent,” RealPage’s economist tells the Business Journal.

The magazine’s slideshow has the rest of the list of markets with the most apartments and subsequent rent concessions.

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