A new rental project planned east of Deep Ellum will feature 350 square foot 'micro' apartments in an effort to keep rent prices down.
“We're focused on what's called the missing middle, which is the space between single-family homes and large multifamily building,” Lowe said.with a unanimous zoning approval in January.
"Dallas has seen, you know, near record-breaking rental rate growth due to all of the demographic changes, people moving to the market, increased jobs, increased salaries," Hetzel said."Most of all new construction is targeted towards the class A, high-income end of the spectrum.", the average rent for apartments in Dallas is between $1,349 to $1,984. The new construction aims to be at or below average rent.
“It's really, really hard for somebody just starting their career to find an apartment in Dallas proper that is well done up to code, nicely furnished at a rate that they can afford,” Hetzels said. “There's not a lot of people focusing on the middle segment of what the renters are looking for, particularly younger renters that are moving to the market for jobs.”
While the concept is not for everyone, the developers said there is a market for small spaces that don’t compromise amenities including walking trails, restaurants, and proximity to downtown Dallas. "We want them to be close to their job, close to their favorite coffee shop, close to the place where they work. And the way to do that is providing them with a place where they can afford to live," Lowe said."The trail itself is the primary amenity," Hetzel said."And so, we're exploring a variety of things like apartment bikes that are loaners so people can use the trail, pool, some ability for coworking and fitness and community gathering.
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