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DFW: Marcus & Millichap 4Q 2014 apartment reportDFW: Marcus & Millichap 4Q 2014 apartment reporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=23782014-11-24T19:09:00Z2014-11-24T00:00:00Z

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 Ranking
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!

Marcus & Millichap Real Estate Investment Services
Dallas-Fort Worth-Arlington
Multifamily
https://www.recenter.tamu.edu/Pages/market-research.aspxRead more at {Source}

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