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The Dallas/Fort Worth multifamily sector experienced stability in all of its key metrics during September, with no negative figures posted for any of the overall averages. Occupancy for the overall market continued to increase, with occupancy in Class A properties recording half a percentage point increase to close at 93.34%. Absorption posted positive figures both on a monthly and annual basis with no significant deliveries over the month. Average rental rates per unit as well as per square foot recorded a marginal increase, while Class A average per unit declined (-$0.09, $1,030.33) and per square foot remained unchanged ($1.084). With nearly 50% of the construction pipeline currently pre-leasing and just over 300 units expected to deliver in October, the market is expected to remain relatively stable in the coming month.
Dallas/Fort Worth apartment market occupancy increased 0.34% points in September to 90.11%, and is up 1.46 points from last year’s level. Rents per square foot increased $0.001 over the month to $0.890. Over the year, per square foot averages are up $0.002. Rental rates per unit increased $0.32 over the month to $761.56, while increasing $3.82 over the last twelve months. Absorption in September was positive 1,949 units, while annual absorption stands at positive 14,174 units.
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