Population boom in Uptown & CBD driven by all ages – not just Millennials
Multifamily construction has been booming in Uptown and the CBD
June 04, 2019
- Multifamily construction has been booming in Uptown and the CBD, with over 11,500 units in Uptown and 4,500 units in the Dallas CBD breaking ground since 2013. The new deliveries have contributed to the population boom in Uptown and the CBD – with population increasing by 50% in Uptown and doubling in the CBD from 2013 to 2018.
- Who are these new residents? Millennials make up the largest contingent in both Uptown and the CBD – 52% of Uptown residents and 53% of downtown residents are millennials. Gen-X makes up 20% of the Uptown population and Baby Boomers account for 14%, while in downtown and 25% of the population is from Gen-X and 12% are Baby Boomers.
- Uptown properties are drawing people with higher median household incomes and net worth, corresponding to the rent difference difference between the CBD and Uptown. In Uptown, median household incomes are $25-35,000 higher than in the CBD. The divide in net worth is more stark with the average net worth of late career professionals (age 55-74) at $800,000 -- twice that of residents in the CBD. Many developers in Uptown are building product to cater to empty nesters or retirees with high net worth with average effective rents in range of $2.75-3.75 psf, while in the CBD the highest rents are under $2.25 psf.
Source: JLL Research
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