Robust economy helping Metroplex multifamilyRobust economy helping Metroplex multifamilyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=141002016-08-08T05:00:00Z2016-08-08T17:00:00Z

​​DALLAS – With a growing number of companies announcing relocations to or expansions in North Texas, a second quarter 2016 apartment update from Marcus & Millichap says demand for apartments is high despite an increase in multifamily construction.

The firm said the private and public sectors will create 105,000 positions in the Metroplex this year, a year-over-year growth rate of 3 percent. Last year, employment grew 3.8 percent.

Meanwhile, apartment developers will complete 25,900 apartments in the Metroplex this year, nearly double last year's number. Approximately 22,900 will be market-rate rentals, with the remainder consisting of seniors, affordable, and student housing.

Marcus & Millichap projects the vacancy rate will nudge up 60 basis points from the end of 2015 to 5.3 percent by year end. This erases the 50-basis-point decline posted one year earlier.

Though vacancy will rise this year, the addition of thousands of luxury apartments will bring the average monthly rent up 5 percent to $1,032 per month. In 2015, the average increased 7 percent year over year.

Marcus & Millichap Real Estate Investment Services
Dallas-Fort Worth-Arlington
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