December 2009

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The Dallas/Fort Worth multifamily sector continued to post negative absorption in December, as it has for the past four months. Overall market occupancy continued its decline on both a month-to-month and year-to-year basis, though more significantly on the latter.  Rental rates per square foot remained flat through December as well as over the last twelve months. However, despite the decrease in rents per unit over the month, the last twelve months have enjoyed a steady climb due to the influx of new communities. With over 14,000 units still under construction, positive absorption should be on the horizon.

Dallas/Fort Worth apartment market occupancy decreased 0.21 points in December, and has fallen 2.15 points below last year’s level to 87.71%.  Rents per square foot decreased $0.001 over the month but remained unchanged over the year, ending $0.891.  Rental rates per unit over the month decreased $0.25 to $761.35, while rents per unit have increased $2.94 over the last twelve months.  Absorption in December was negative 1,049 units, while annual absorption stands at negative 3,963 units.

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