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MULTIFAMILY MADNESS
REIS
We suppose Dallas developers listened to that mantra "If you build it, they will come." The Dallas apartment market has had to deal with a spike in new construction over the past two years, Reis analyst Brad Doremus tells us. After six years of relatively subdued construction of 1.7% of inventory or less, completions in 2008 hit 1.9% of total inventory, a level of growth not seen since 2001 when new construction also hit 1.9% of inventory. However, construction jumped considerably in 2009, totaling 3.4% of existing inventory, a huge influx of units to supply despite the broad economic slowdown. As a result, vacancies jumped over 200 bps during the year. Completions will almost certainly drop in 2010, to around half the 3.4% of inventory seen in 2009. But it would be a stretch if Dallas rents popped in 2011 given the amount of overbuilding.
Related Topics: The Dallas, Brad Doremus