- The Dallas/Fort Worth area multifamily sector continued to record positive changes in the key metrics, in sync with increasing demand* for multifamily housing. (* apartment rates, apartment demand).
- Occupancy for Class A properties remained over 95% for the second consecutive, while recording a slight decrease compared to August. Occupancy continued to climb in all other classes. Occupancy in Class C properties has gone up by almost 2% compared to last year.
- The average rental rates per square foot recorded upward changes after remaining flat for two months; The Class A average was up by $0.002 compared to August to close at $1.09 per square foot; on an annual basis, the average is up $0.006.
- The average rental rate per unit for Class B properties crossed the $700 mark for the first time since June 2009. This represents an increase of $5.39 over last year. The Class A average went up $2.18 over last month to $1,036.54 per unit; compared to last year, the average is up $4.90.
- 7,791 units are in the construction pipeline, just over 15% of which are currently pre-leasing. 26 Class A communities and eight Class B communities are underway.
Dallas/Ft. Worth Apartment Market Key Metrics
Occupancy
91.72%
Monthly Change
+0.12%
Annual Change
+1.56%
Rent / Unit
$768.32
Monthly Change
+$1.23
Annual Change
+$5.17
Rent / SF
$0.898
Monthly Change
+$0.002
Annual Change
+$0.006
Absorption in September was positive 671 units, bringing the annual total to a positive 11,314 units. 7,388 units are in the planning stage.
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