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DFW Apartment Leasing Construction And Rents Jump In Second Quarter
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.”
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