DALLAS-FORT WORTH - North Texas led the nation in apartment construction and net leasing in first quarter 2014.
Almost 3,700 new Dallas area apartments opened their doors during 1Q 2014, according to MPF Research. Another 26,971 apartments were still under construction at the end of March — more than in any other U.S. market.
Average apartment rents rose by almost 4 percent from 1Q 2013, fueled by North Texas’ strong job growth and increasing population. “Strong demand numbers have convinced apartment operators that the market can support some additional rent growth," said MPF’s Jay Parsons.
Net apartment leasing in the DFW area totaled almost 600 units in 1Q 2014. Only about 6 percent of the DFW apartments are vacant.
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