But builders say they think fewer North Texas apartment starts will occur in 2023 as costs soar.
“I suspect you’ll start to hear more about projects over the next six to 12 months that were planned and are now paused or canceled. There are lots of pressures on why deals are struggling to move forward.”
“We have not been immune to these challenges,” Sylvan said. “But fortunately, we are still able to get deals done in this environment because of our track record. In recent months, D-FW average apartment rents have actually seen a modest retreat from recent highs. Concessions — free rent and other perks to lure renters to new projects — are widespread.Despite those greater challenges to building, Sylvan said demand for new apartments in North Texas continues to grow.
“We are looking at doing five or six of these communities this year in D-FW,” Sylvan said. “That will be about 1,000 units of affordable homes.”‘More picky and risk-averse’
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