November 2009

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The Dallas/Fort Worth multi-family sector saw occupancy decrease during the month of November, marking the third straight month of declines for the market area and the tenth month of declines over the past year.  Conversely, rents per unit and per square foot enjoyed healthy month-over-month gains with Class A properties leading the way.  Additionally, the under construction supply was significantly reduced as many properties were completed and delivered during the month.  As additional properties continue to completed, look for similar trends to continue as absorption and occupancy stay red, while rents continue to rise.

Dallas/Fort Worth apartment market occupancy decreased 0.31 points in November, and has fallen 2.24 points below last year’s level to 87.93%.  Rents per square foot further increased $0.002 over the month as well as the year to $0.892.  Rental rates per unit over the month increased $2.25 to $761.62, while rents per unit have increased $4.98 over the last twelve months.  Absorption in November was -395 units, while annual absorption stands at - 3,941 units.

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