DFW apartments 1Q 2014: Hendricks-Berkadia
DALLAS-FORT WORTH – More than 3,000 apartments were delivered in first quarter 2014, a 15.1 percent increase from 1Q 2013. From 2009 to 2013, completions averaged 8,560 units annually.
In March 2014, 24,900 annualized permits were issued, a 43.8 percent gain from March 2013.
There were 11,000 newly occupied apartments in the last 12 months, compared to 12,000 completions. Consequently, vacancy ticked up, reaching 5.8 percent in 1Q 2014.
Average rent ascended 2.8 percent year-over-year, reaching $935 per month. In the highest-rent area, the Central Dallas submarket, asking rents increased 1 percent to $1,644 per month. Asking rents decreased in only three of the submarkets in the Metroplex.
| Submarkets* | Vacancy | Average Rent | ||
| 1Q 2014 | 1Q 2013 | 1Q 2014 | 1Q 2013 | |
| Rockwall County | 2.8% | 4.4% | $994 | $940 |
| Ellis County | 3.6% | 9.0% | $874 | $859 |
| Garland | 4.6% | 5.2% | $792 | $769 |
| Richardson | 4.7% | 4.8% | $1,001 | $969 |
| Far North Dallas | 5.0% | 5.1% | $899 | $863 |
| Plano-Allen-McKinney | 5.0% | 5.3% | $1,036 | $995 |
| Carrollton-Addison-Coppell | 5.2% | 4.7% | $873 | $843 |
| North Irving | 5.2% | 4.7% | $973 | $951 |
| Far Northwest-Farmers Branch | 5.3% | 5.4% | $874 | $856 |
| Hurst-Bedford-Euless | 5.3% | 4.2% | $821 | $813 |
| Market total** | 5.8% | 5.7% | $935 | $910 |
*Chart represents top ten submarkets ranked by vacancy.
**Total includes all submarkets within DFW.
View the full report at Hendricks-Berkadia. For more stats, see Multifamily under DFW Market Data Sources.
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