DFW Apartment Leasing Construction And Rents Jump In Second Quarter

Dated: 07/08/2015

Views: 1386


North Texas apartment leasing more than doubled in the second quarter from the first three months of 2015.

Net leasing totaled 7,881 apartments. And 11,429 units were leased in the first half of the year – up 26 percent from the same period in 2014, according to just-released numbers from MPF Research.

“Demand is still coming in at huge volumes, surpassing the sizable completions,” MPF Research vice president Greg Willett said. “In turn, occupancy remains tight, close to the all-time high, and rent growth is proceeding at record levels.”

Less than 5 percent of Dallas-Fort Worth apartments are vacant.

Vacancy levels fell even though developers opened almost 5,000 new apartments in the second quarter.

With the strong leasing and high occupancies, landlords bumped up rents by 5.5 percent from a year ago. An average D-FW apartment now goes for $952 a month, according to MPF Research.

Rents are even higher for the newest apartments, averaging almost $1,400 citywide.

And in popular rental districts in Dallas’ Uptown, downtown and other close-in markets, new apartments are fetching an average of $1,800 a month.

More than 35,500 apartments are currently under construction in North Texas – the highest building totals in three decades.

Increasingly developers in close-in locations are building mid to high-rise apartments because of high land costs.

“The only real vulnerability we see in the market over the next year or two is tied to the big block of very expensive product that will come on stream in the Dallas urban core,” Willett said. “Even in that comparatively competitive niche, the likely outlook is slower rent growth, rather than actual pricing cuts.”


For more information, please contact me or visit my website:

Chris Boyington, Realtor, ABR

U.S. Army Veteran

Homes For Heroes
www.homesforheroes.com/affiliate/chris-boyington
Halo Realty Group
214-598-0221 cell

chrisboyington@yahoo.com

www.northtexasheroes.com

Want to Advertise on this Site?

Latest Blog Posts

Hygge

Yes! It's a thing! Click below to learn to enjoy the simple things in!

Read More

Creating A Productive Atmosphere While You STAYHOME

Creating A Productive Atmosphere While You #STAYHOME In countless homes across the country and the world, there has been a major shift to working from home - even for students. If you are

Read More

Quarantine Spring Cleaning

Quarantine Spring Cleaning There’s a good chance you’re spending more time at home than you are used to. Whether you had travel plans change, or you are now working remotely from home, or

Read More

BENEFITS OF A HOME GYM

BENEFITS OF A HOME GYM Exercise is a key part of staying healthy. Every aspect of our lives are impacted by our health, so doing the little things to ensure you stay in shape aids in your

Read More