Apartment construction is surging in the Dallas metro area. The Property Management Insider website ranked the Frisco/Prosper submarket 6th among the nation’s 10 busiest submarkets for construction. But all of this supply hasn’t made a dent in rent prices. Quite the opposite. Rent prices have been steadily increasing in the area. In most cases, it’s cheaper to buy one of the Frisco TX homes for sale, than it is to rent.
One reason for the apartment boom is the local economy. In recent years, several big companies have announced plans to move their headquarters to the Frisco area, including Toyota and FedEx. In addition, the Dallas Cowboys are building a new training complex in Frisco that will include a 12,000-seat multi-use event center, an Omni hotel and several other mixed-use projects. That project alone is expected to create 4,500 jobs by 2026 and pump more than $23 billion in the regional economy over the next 30 years.
The Frisco area is also seeing growth in office and retail construction. A few of the projects under way include Hall Office Park, Frisco Bridges Place, Matthews Paradise Office Project and Texas Health Resources. Major retail developments in the works include Grandscape, and Gates of Prosper and the Nebraska Furniture Mart Development has just opened.
Another reason for the surge in apartment construction is that the population in Frisco is growing. In the year ending July 2013, Frisco’s population grew by 6.5 percent to 136,791, making it the 2nd-fastest growing city in the country.
People are moving to Frisco because the city retains a small-town feel and has an excellent school system. In fact, the Frisco ISD has the rare distinction of earning a perfect 10 rating at GreatSchools. Young families that are looking to settle down in the area should consider buying one of the Frisco TX homes for sale at the Preserve at Lonestar Ranch.
Landon offers buyers affordable homes in this community, with features such as vaulted ceilings in the family room, granite countertops in the kitchen, hardwood floors, and a spacious master suite with walk-in closet. The Preserve at Lonestar Ranch has amazing amenities for its residents to enjoy, including a three-tiered resort-style swimming pool with water falls, kids’ splash area, large clubhouse and a fitness center loaded with state-of-the-art equipment.
For more information about the Preserve at Lonestar Ranch, stop by and take a tour of our brand new model home or call us today at 866-898-3603.