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While most of the metrics in Dallas/Fort Worth multifamily sector posted positive in October, occupancy reported a marginal decline over the previous month, with Class A experiencing the decline of 0.03% points. Though it remained positive, monthly absorption registered a sharp decrease over the previous month while it continued to climb on an annual basis. Rental rates per square foot showed no change from the averages of the previous month. Average rents per unit marked slight upward changes for Class A, Class B and Class C properties to close at $1,031.66, $694.95 and $621.44 per unit, respectively. Almost 44% of the construction pipeline is pre-leasing with over 800 units expected to deliver in the coming month. The market may see a decline in occupancy and increase in rental rates, particularly among Class A properties, in the coming month.
Dallas/Fort Worth apartment market occupancy decreased 0.01% points in October to 90.10%, and is up 1.83% points from last year’s level. Rents per square foot remained unchanged over the adjusted figure of the previous month at $0.892. Over the year, per square foot averages are up $0.002. Rental rates per unit increased $0.90 over the month to $763.14, while increasing $4.10 over the last twelve months. Absorption in October was positive 74 units, while annual absorption stands at positive 15,397 units.
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