MPF highlights DFW multifamily 3Q 2014
DALLAS-FORT WORTH – Apartment completions have picked up significantly in DFW, but substantial growth in the economy and other drivers have spurred absorption enough to mute the effect of the elevated supply, according to the latest report from MPF Research.
Demand for new lease-ups has been strong, and middle-market demand remains strong as well.
Such demand has prevented significant occupancy declines, giving apartment operators confidence to continue pushing rents. In particular, middle- and lower-tier market segments in the Dallas metro have exceeded rent growth expectations.
What changed this quarter? Strong apartment absorption outpaced high levels of new supply. In turn, occupancy rose to 94.7 percent, a 13-year high for the region. Meanwhile, same-store rental rates jumped 1.4 percent quarter-over-quarter.
| Effective Rent | Occupancy | Annual Job Change | Annual Permits | Annual Demand | Annual Completions |
| $903 | 94.7% | 101,500 jobs | 19,540 units | 15,961 units | 16,193 units |
*Properties sampled 2,552; Units sampled 567,123; Submarkets 36
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