October 2009

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Not to be outdone by Houston’s thirteen month swoon, the Dallas/Fort Worth multi-family sector posted its fifteenth consecutive month of declines in occupancy with a 0.40% decrease over the month of October. All apartment classes contributed to the monthly decrease, with Class C properties leading the way and trending downward by 0.77%. The sharp uptick in rental rates by unit is directly attributable to the delivery of new Class A properties during the month, as overall rents per square foot essentially remained flat. The worst is not over the market as the under construction supply stills looms large.

Dallas/Fort Worth apartment market occupancy decreased 0.40 points in October, and has fallen 2.18 points below last year’s level to 88.24%. Rents per square foot noticeably increased $0.001 over the month as well as the year to $0.890. Rental rates per unit over the month increased $1.35 to $759.37, while rents per unit have increased $3.67 over the last twelve months. Absorption in October was -1,428 units, while annual absorption stands at - 4,485 units.

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