April 2009
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The Dallas/Fort Worth multifamily sector is waiting to see when occupancy will stop falling, as April marks the eighth consecutive month occupancy has declined. Also on the decline are market rate rents, a signal of the deteriorating market conditions. While only down $0.001 per square foot and $0.67 per unit over the month, this is an indication that concessions alone are no longer enough to spark increases in occupancy. With over 23,000 units in the under-construction pipeline, this decline could be a foreshadowing of things to come.
Dallas/Fort Worth apartment market occupancy decreased 0.21 points in April to 88.96%. With the monthly dip, area occupancy falls 2.05 points below last year’s level. Rents per square foot declined $0.001 over the month to $0.890. Over the year, per square foot averages are up $0.007. Rental rates per unit also posted a monthly decrease, falling $0.67 to $758.52. Over the last twelve months, rents per unit have increased $9.24. Absorption in April was -274 units, while annual absorption stands at -3,970 units.Dallas/Ft. Worth Apartment Market Key Metrics |
|
Occupancy |
88.96% |
Monthly Change |
- 0.21% |
Annual Change |
- 2.05% |
Rent / Unit |
$758.52 |
Monthly Change |
- $0.67 |
Annual Change |
+ $9.24 |
Rent / SF |
$0.890 |
Monthly Change |
- $0.001 |
Annual Change |
+ $0.007 |
Monthly Absorption |
- 272 |
Annual Absorption |
- 3,970 |
Units U/C |
23,585 |
Units Planned |
20,648 |
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