The Dallas/Fort Worth area multifamily metrics recorded positive changes in February.
Overall occupancy went up for all classes except Class A; Occupancy in Class A properties came down by 0.10% compared to January. Over the year, occupancy in this class increased by 0.53% to close at 94.25%.
The average rental rates per square foot recorded increases for all classes compared to January as well as over the year. Compared to January, the average went up by $0.002 for Class A properties; the largest increase was noted at $0.004 per square foot for Class C properties. Over the year, the averages for both Class A and Class C went up by $0.009 to close at $1.10 and $0.793 per square foot, respectively.
The average rental rate per unit recorded upward changes for all classes. Over the year, the average improved by $9.96 for Class B properties; this represented the largest annual change among the four classes. The average for Class A properties increased by $6.44 per unit to close at $1,039.86 per square foot.
13,422 units are in the construction pipeline; pre-leasing is underway in 2,100 units spread over 12 projects.
Dallas/Ft. Worth Apartment Market
Rent / Unit
Rent / SF
Absorption in February was positive 1,351 units, bringing the annual total to a positive 8,528 units. 4,066 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group