DFW: Marcus & Millichap 4Q 2014 apartment report
DALLAS-FORT WORTH – While apartment completions in DFW have surged, the vacancy rate has retreated to its lowest level on record since 2001, according to Marcus & Millichap’s Fourth Quarter 2014 ApartmentResearch Market Report.
This tightening in the market can be attributed to strong job creation and nation-leading net migration and household formation driving renter demand to new heights.
During the past 12 months, the multifamily sector recorded a 46 percent increase in permits issued to approximately 19,540 units.
Builders will deliver 18,200 apartments to the Metroplex this year. The forecast reflects a 40 percent increase from 2013 and the most sizable annual addition since 2000.
Here are the top five submarkets ranked by vacancy rate:
Submarket | Vacancy Rate | Effective Rent | Y-O-Y Change |
Rockwall/Rowlett/Wylie | 2.7% | $1,121 | 5.3% |
Richardson | 3.6% | $1,080 | 4.4% |
Garland | 3.6% | $778 | 5.1% |
Far North Dallas | 3.7% | $838 | 5.0% |
Northwest Dallas | 4.1% | $803 | 6.8% |
Source: Marcus & Millichap
Click here to see the full ApartmentResearch Market Report for 4Q 2014 from Marcus & Millichap. Also, see Multifamily under Dallas-Fort Worth Market Data Sources for more apartment info!
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