Cityscape At Market Center Ii

Dallas Fort Worth apartments

Dallas/Fort Worth Apartment Occupancy Reaches an All-Time HighWith a booming economy in North Texas, metrics for the Dallas and Fort Worth multifamily housing markets continue to hover around peak levels.

In 3rd quarter 2016, apartment occupancy in Dallas/Fort Worth reached an all-time high of 96.0%, reflecting underlying market strength and strong lease-up velocity of new units. In turn, rent growth levels remain well above the historical norms.

Pushing up occupancy in 3rd quarter was strong demand. In 3rd quarter 2016, absorption in Dallas/Fort Worth topped 9, 300 units, a peak for the current cycle. The region’s demand was driven by absorption in Dallas, which reached the highest level since 2000. In Fort Worth, absorption was at a two-year high.

On an annual basis, the region’s occupied unit count grew by 18, 770 units, an absorption figure above the five-year average of 15, 100 units.

Rising demand levels were due to a combination of strong job growth and large numbers of new apartment completions, which have leased up quickly. The region’s employment base has expanded at an average annual rate of 3.4% over the past four years. Apartment inventory has steadily swelled, with another 15, 120 new units completing in the year-ending 3rd quarter 2016.

Apartment Data ServicesAnother 50, 532 units were under construction at the end of 3rd quarter 2016, down just 4.6% from the all-time high recorded a quarter ago. Construction is concentrated in the Dallas metro, where nearly 43, 000 units are under way. Furthermore, Dallas/Fort Worth was the nation’s runner-up for year-to-date multifamily permit volumes in August, with 16, 728 units approved, a 7.8% year-over-year increase.

Despite the large construction volumes, rents continue to climb at a fairly rapid pace. Quarterly rent growth settled at 2.5% in Dallas and 2.6% in Fort Worth. Annual rent growth for the markets landed between roughly 6% and 7%. Sustained momentum is largely due to performances in market segments less vulnerable to competition from new supply. Class B units saw 7.3% annual growth. Among neighborhoods in Dallas/Fort Worth, North Arlington, Ellis County, North Dallas and Mesquite all logged increases of roughly 10%.

Share this article

Related Posts

Best Fort Worth Apartments
Best Fort Worth Apartments
South Fort Worth Apartments
South Fort Worth Apartments

Latest Posts
Houses rent Fort Worth TX
Houses rent Fort…
Fort Worth has been dubbed the Museum…
Duplexes in Irving TX
Duplexes in Irving…
At Rancho Mirage, we strive to provide…
Homes for Sales in Arlington TX
Homes for Sales…
Located just 12 miles east of Dallas…
Townhomes for rent in Arlington Texas
Townhomes for…
Cedar Gardens is a peaceful cozy little…
Joan Trew
Joan Trew
Welcome to the real estate world of Joan…
Featured posts
  • Cheap Fort Worth Apartments
  • Best Fort Worth Apartments
  • South Fort Worth Apartments
  • Fort Worth Apartments for sale
  • New Homes in Dallas Fort Worth area
  • House for sale in Dallas Fort Worth
  • Apartments in Dallas Fort Worth area
  • New Homes Dallas Fort Worth Texas
  • Texas Dallas Fort Worth
Copyright © 2020 l All rights reserved.