May 2009
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Rates in the Dallas/Fort Worth multifamily sector continued to decline during the month of May, while occupancy remained stagnant. With the largest construction pipeline of the major Texas markets, Dallas/Fort Worth has the most challenges over the short run. The month of May saw a limited amount of deliveries, but with approximately 26 communities pre-leasing (totaling over 8,500 units), occupancy for the market is set to resume its decline and overall, the Dallas/Fort Worth metro area could see declines of 2-5% before the market stabilizes.
Dallas/Fort Worth apartment market occupancy remained unchanged for the month of May at 88.96%, but is 1.98 points below last year’s level. Rents per square foot declined $0.001 over the month to $0.889. Over the year, per square foot averages are up $0.005. Rental rates per unit also posted a monthly decrease, falling $0.38 to $758.16. Over the last twelve months, rents per unit have increased $8.19. Absorption in May was 664 units, while annual absorption stands at -3,306 units.Dallas/Ft. Worth Apartment Market Key Metrics |
|
Occupancy |
88.96% |
Monthly Change |
0.0 |
Annual Change |
- 1.98 |
Rent / Unit |
$758.16 |
Monthly Change |
- $0.38 |
Annual Change |
+ $8.19 |
Rent / SF |
$0.889 |
Monthly Change |
- $0.001 |
Annual Change |
+ $0.005 |
Monthly Absorption |
664 |
Annual Absorption |
- 3,306 |
Units U/C |
21,053 |
Units Planned |
17,233 |
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