Dallas apartment rents reach record high as leasing surges;
Dallas metro has largest number of multi-family units under construction in nation (tied with metro NYC)
Published in US Freedom Capital, July 6, 2014
With 28,475 apartments under construction mid-year 2014, metro Dallas leads Texas and is tied for number one in the nation (with metro NYC) in the number of multi-family units under construction.
Furthermore, metro Dallas' record high rents is really unprecedented for a period when a lot of new product is being delivered .... demand is so strong that occupancy is still trending upward despite a huge surge in new construction.
During the second quarter, net leasing of metro Dallas apartments outpaced new units opening by more than 2 to 1.
Apartment leasing in metro Dallas — which also leads the nation in employment gains — is running about a third higher than in other major cities including Houston, Washington, Los Angeles and Atlanta.
Only 5.5 percent of local apartments are empty — the lowest overall vacancy in 13 years.
With the latest rent and leasing numbers, North Texas’ already booming apartment construction market could gain even more speed.
Apartment construction in the D-FW area is now at the highest point in almost 30 years.
Metro Dallas is the main center of growth in Texas and the nation. Texas is blessed with two other metros that are also doing well (Austin-San Antonio and Houston) but the Dallas metro area is the king of the hill and clearly sets the pace for the State and Nation.
Full article:
http://usfreedomcap.com/dallas-apart...easing-surges/