DALLAS-FORT WORTH - The nation’s apartment demand volume in first quarter 2015 proved very impressive, according to Greg Willet at MPF Research.
Preliminary figures show that absorption across the country’s 100 largest metros came in at roughly 64,300 units, a jump of 55 percent from the demand tally seen during the initial three months of 2014.
Dallas-Fort Worth ranked No. 5:
Consistently the country’s top apartment demand market in recent years, North Texas is also adding more jobs than any other locale and is an active construction center.
Let’s look at the apartment demand leaderboard specifically for the January to March 2015 time frame. The nation’s apartment demand volume in first quarter 2015 proved very impressive.
Helping push up those apartment absorption stats, job creation in early 2015 well exceeds the volume recorded in early 2014.
Viewed from the perspective of being the country’s top apartment demand market, the question might be why the area’s 1Q 2015 apartment demand total of 3,537 units, while fifth best nationally, is not bigger.
The answer is that demand for about 3,500 units is all the market could do given product availability.
Absorption came in a hair above the quarterly completion count, and occupancy in the existing product base is already at a 14-year high at the same time that annual rent growth is hitting an all-time record.
Looking to the remainder of 2015, the pace of apartment completions will accelerate in Dallas-Fort Worth, likely enabling North Texas to again take the top position for demand over the course of this year.
Houston ranked No. 1; Miami ranked No. 2; Boston ranked No. 3; Austin ranked No. 4.
See Dallas-Fort Worth-Arlington Market Research and DFW NewsTalk multifamily.