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All metrics for the Dallas/Fort Worth area multifamily sector metrics were positive in March. Overall vacancy was less than 10% for the seventh consecutive month. Absorption was positive with Class A properties experiencing an increase of six times over previous month’s figures. Class A properties recorded occupancy of 94.1% and occupancy for Class B properties increased by 0.6% to close at 92.3%. No significant changes were noted in average rental rates per square foot of individual classes. However, the average rental rate per unit decreased by over half-a-dollar for Class A properties to close at $1,032.81 per unit. With 25% of the construction pipeline currently pre-leasing and less than 300 units expected to deliver during April, metrics should again remain positive overall in the coming month.
Dallas/Fort Worth apartment market occupancy increased 0.43% points in March to 90.84% but is up 2.34% points from last year’s level. Average rental rates per square foot recorded no change over the previous month, while increasing by $0.005 over the year. Average rental rates per unit increased by $0.28 over the month to $765.51, and increased $5.39 over the last twelve months. Absorption in March was positive 10,931 units, while annual absorption stands at positive 24,386 units.
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