The key metrics for the Dallas/Fort Worth area multifamily sector recorded positive changes both over the month and over the year.
Except for Class D properties, occupancy went up marginally for all classes in the sector. Over the month occupancy went up by 0.11% for class A properties to close at 94.58%. Occupancy for class B properties stood at 93.6%.
Over the month, the average rental rate per square foot has gone up by $0.004 to close at $1.106 per square foot for Class A properties. For Class B properties the average rental rate per square foot went up by $0.003 per square foot to close at $0.873 per square foot.
Average rental rates per unit recorded significant changes for Class A and Class B properties. Over the month the average for Class A properties went up by $3.43 to close at $1,049.35 per unit; for Class B properties the average went up by $2.13 to close at $712.76 per unit. Over the year, the averages went up by $16.64 and $13.48 per unit for Class A and Class B properties, respectively.
15,125 units are in the construction pipeline spread over 57 projects; 14.8% of the units (2,240 units) are currently pre-leasing.
Dallas/Ft. Worth Apartment Market
Rent / Unit
Rent / SF
Absorption in May was positive 1,290 units, bringing the annual total to a positive 8,577 units. 3,057 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group