DFW apartment leasing continues surge through 2Q

DALLAS-FORT WORTH – Net apartment leasing in the DFW area totaled 5,843 units in the just-completed quarter — the best showing in a year.

Overall, monthly rents were up more than 3 percent from the middle of 2012.

Analysts at Carrollton-based MPF Research credit the apartment sector’s recent gains to the area’s growing business environment.

At the end of June there were 24,697 apartments under construction in North Texas — just a hair below what was in the development pipeline at the last construction peak before the recession.

Most of the building is in Uptown, downtown Dallas, the Oak Lawn area and in Lewisville, MPF found.

Apartment construction has more than tripled in the DFW area in the last two years.

Average apartment occupancy in the DFW area inched up in second quarter to 94.1 percent — one of the highest levels in more than five years.

Apartment rents averaged $849 in the second quarter, a new record high.