94.4% OR: Dallas Apartment Demand Stronger Than Anywhere Else in U.S.
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With an occupancy rate of almost 95%, apartment demand in Dallas/Fort Worth was stronger than anywhere else in the country in 2012 and remained high in 2013. And looks like the sky will only be the limit in 2014: rents will be climbing about 3 per cent. All this good stuff (if you are a landlord) according to Property Management Insider.
Occupancy: D/FW has had more demand that it has supply in each of the last four years, and that means occupancy is in good shape: At 94.4%, the occupancy rate in the metro remains at a 14-year high.
Rent Growth: With occupancy in good shape, rents are climbing. Same store rents for new leases were up 3.4% in D/FW in 2013.
Outlook: With nearly 17,000 new units expected to complete in the region, rent growth in the middle and lower end products will have to remain strong for D/FW to continue its momentum of strong occupancy and rent performance. MPF Research expects momentum to slow slightly with rents climbing around 3.0%
This is good news: I have a 1550 ish square foot two bedroom, two bath condo ready to lease Behind the Pink Wall… anyone looking?
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Are these numbers the same when comparing traditional "apartments" to investor-owned condos? I suspect if these numbers are specific only to apartments that there would have to be some spillover in the condo rental business, no?
Are these numbers the same when comparing traditional "apartments" to investor-owned condos? I suspect if these numbers are specific only to apartments that there would have to be some spillover in the condo rental business, no?
Good question. I also suspect apartments only. How would you measure the spill-over unless you add in MLS numbers. Still, individuals who lease outside of MLS — cannot capture those stats. We do know rents are up.
Good question. I also suspect apartments only. How would you measure the spill-over unless you add in MLS numbers. Still, individuals who lease outside of MLS — cannot capture those stats. We do know rents are up.