Driven by consistent job growth, in-migration, and a slew of corporate relocations, Dallas-Fort Worth’s apartment market lead the nation in demand and number of units completed this past year.
In 2019, developers added around 21,000 units to Dallas-Fort Worth, and net absorption, the difference between move-ins and move-outs, came in at about 22,000 units.
Despite continued construction, vacancy rates are hovering near 8%, close to the average over the current development cycle. Builders remain active in the metroplex, with about 34,000 units under construction, or 5% of its inventory.
Premier suburbs to the north are leading absorption in the market. In 2019, the Frisco-Prosper submarket and Plano led in absorption, accounting for 20% of all absorption for the market.
Multifamily investors continue to pour capital into the North Texas multifamily market. Annual transaction volume reached $5 billion in 2019, about the same level as in 2018. Meanwhile, the price per square foot continues to climb as well, reaching $134,000 a unit.
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