If you are looking to rent an apartment these days, the Dallas suburbs hold some of the best rental prospects in the county, according to a new report.
As reported by RentCafe.com, a nationwide apartment search website, North Texas’s Frisco and McKinney are ranked as two of the best places to find a new apartment in 2023.
The website recently released its list for the top 50 U.S. cities for finding new apartments.
The list was compiled by analyzing the number of new apartments opened in the last 10 years, their size, the city's occupancy rate and the quality of neighborhoods where the apartments are located.
Texas made an impression on the ranking, registering six cities on the list’s top 10, these include:
- #2 - Midland
- #3 - Humble
- #4 - Frisco
- #5 - McKinney
- #8 - Spring
- #10 - Katy
North Texas’s Frisco came in at number four on the list as the city’s number of apartments has tripled since 2012.
In the past 10 years, Frisco has had a 195% increase in new apartments. Approximately 93% of the new apartments are in top locations. The city has an occupancy rate of 95%. The average apartment size in Frisco is 933-square feet.
McKinney has witnessed comparable growth in the past 10 years, with a 111% increase in apartments. Approximately 91% of its apartments are in top locations. The area has a 94% occupancy rate.
RentCafe analyzed Yardi Matrix apartment data across 178 U.S. cities to draw these conclusions. The data refers to large-scale multifamily properties of 50 or more units completed through December 2021.
The rankings included only cities with at least 10,000 apartments. All rental properties analyzed are completed and non-affordable or partially affordable. Single-family properties were not included in the analysis.
The website has ranked Boca Raton, Florida as the number one spot to rent in 2023.