DFW Apartment Market Sees 4.4% Rental Rate Growth In 12 Months
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Despite protests from some North Texans against plans to approve additional multifamily construction in suburban communities, data from ApartmentData.com shows multifamily product in Dallas-Fort Worth remains in high demand.
As a whole, DFW's apartment market experienced rental rate growth of 4.4% over the past 12 months, ApartmentData.com said.
Demand also remained strong with apartment occupancy for the entire area coming in at 91.7%, while the average monthly unit price reached $1,160 per month.
DFW currently boasts an apartment operating supply of 733,881 units with 24,486 recently opened and another 29,238 under construction, ApartmentData said.
Unit absorption also remains stable with the market filling up more than 19,000 units in 12 months.
ApartmentData.com reported dramatic annualized rental growth rates in three key DFW submarkets.
First, the Plano, Frisco and Lewisville submarket posted rental rate growth of 15% over the past three months on an annualized basis. This strong increase is based solely on data that assumes the next nine months will continue at the same pace, ApartmentData said.
Similarly, Garland, Far East Dallas and the East Plano/Richardson submarkets saw annualized three-month rental rate growth gains of 12.1%, 18.1% and 12.2%, respectively.