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DALLAS-FORT WORTH - Healthy employment gains supported apartment demand as absorption rose 25 percent since the end of 2012. Renters occupied 13,500 additional apartments in 2013 compared to 10,750 units during the year before.

The number of completions surged in 2013 as 12,300 apartments were delivered compared to 7,340 units in 2012. Even with this increase in activity, deliveries trailed absorption for the fourth consecutive year.

Permitting activity tapered off in 2013, suggesting a temporary pull back by developers to mitigate potential inventory excesses. Builders requested permits for 15,030 apartments in 2013. In the preceding year, 17,260 units were approved

2014 Forecast

Robust job creation in the Metroplex will be the primary driver of apartment absorption during the forecast period. Renters are projected to occupy 15,280 additional apartments this year. Next year, 14,800 newly occupied units are forecast.

Nearly one-half of apartment completions this year will be located in the Oaklawn, Plano/Allen/McKinney, Richardson and North Irving submarkets. Approximately 12,600 units are expected to be delivered metrowide this year followed by 10,500 apartments forecast in 2015

*Chart represents top eight submarkets ranked by vacancy.
**Total includes all submarkets within DFW.

View the full report at Hendricks-Berkadia.

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