{{titleBar.title}}

{{titleBar.tagline}}

 

 

DFW area apartment 2Q 2013: Marcus & MillichapDFW area apartment 2Q 2013: Marcus & Millichaphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=67552013-07-24T12:42:00Z2013-07-24T09:00:00Z

DALLAS-FORT WORTH - DFW has been a hotbed for economic activity this year, holding apartment vacancy near a five-year low despite surging deliveries.

Throughout 2013, the Class A sector, which stands to record a dramatic uptick in inventory this year, will benefit from strong growth in the traditionally higher-paying professional and business services sector.

Renter demand for Class B and Class C apartments is also on an upward trajectory thanks to ongoing job creation in the trade, transportation and utilities, and manufacturing sectors. Blue-collar job creation should continue a pace in the near term as Motorola staffs a new smartphone plant north of Fort Worth and Amazon.com and BMW target the area.

Metroplex apartment completions will total approximately 13,500 units in 2013, up from 7,455 units last year but still 26 percent below the last
cyclical peak in 2009.

DFW Submarket Vacancy Ranking 2Q 2013*
Rank Submarket Vacancy
Rate
Y-O-Y Basis 
Point
Change
Effective
Rents
Y-O-Y
Change
1 Rockwall / Rowlett /
Wylie
2.7 0 $1,074 3.9%
2 Plano 3.7 -50 $971 2.5%
3 Grapevine Area 3.7 20 1,031 5.2%
4 Richardson 4.0 -30 $1,019 2.6%
5 Frisco / Prosper 4.1 -60 $1,051 2.5%
6 Las Colinas /
Coppell
4.3 0 $1,041 4.8%
7 Carrollton /
Farmers Branch /
Addison
4.3 -50 $925 0.1%
8 Irving 4.5 -50 $729 4.7%
9 Ellis County 4.5 -90 $783 3.0%
10 North Dallas 4.6 -110 $815 5.7%

*This chart does not represent all submarkets in the report.

Marcus & Millichap Real Estate Investment Services
Dallas-Fort Worth-Arlington
Multifamily
http://www.marcusmillichap.com/Read more at {Source}

 Search NewsTalk Texas