With a population of over 7.6 million, the DFW MSA is currently the 4th largest MSA in the United States and has been the fastest growing metropolitan over the last decade. The DFW area gained more residents than any other metropolitan area in the country adding 118,100 new residents in 2020. With employment reaching 3.7 million, employment growth is expected to outperform the national benchmark over the next 5 years. The low cost of living and doing business in DFW is one of the main attractions for corporate expansion and relocation. Dallas is home to the 4th largest concentration of Fortune 500 companies in the country. Among these, the engineering giant AECOM announced it will move its global headquarters from Los Angeles to its existing office in Dallas becoming the 14th largest public company based in North Texas, and TripActions expanded its presence in downtown Dallas. Between 2017 and 2020 DFW added more than 10,000 high tech jobs, and Amazon has signed several significant leases in 2020 making the company the region’s largest industrial tenant. Over the next 5 years, healthcare employment is also projected to grow by 14% and bring in more than 338,000 new jobs to the DFW area. Major employers in the Dallas-Forth Worth Metropolitan include Wal-Mart, which employees more than 34,000 people, American Airlines, which employees more than 24,000 people, Bank of America, which employees more than 20,000 people, and Texas Health Resources, which employees more than 19,000 people. With an average age of 35, the Oak Cliff submarket continues to attract young renters looking for a live/work/play atmosphere in a premier location. As a result of this impressive demand the Oak Cliff submarket has experienced tremendous growth recently with a 7.3% in effective rent growth over the last 12 months. Rent growth, especially among lower or mid-tier assets, has outperformed the metro average over the past few years. This is due to the demand for workforce housing close to the Dallas urban core.