Going north has always been a mixed bag. The Aurora Borealis and Santa's workshop at the North Pole are both excellent, while we may not think as highly of the frigid weather and less daylight. Vacancy rates in the Far North apartment submarket in Dallas are also a mixed bag. The submarket boasts the lowest vacancy rate in the metro at 5.8%, 20 bps below the next lowest. Vacancies in the submarket fell 40 bps in Q1, the fourth consecutive quarter of declines (Dallas? overall vacancy has fallen for five straight quarters). But during the downturn, the Far North vacancy climbed from 4.3% in Q1 2008 to 9.0% in Q1 2010. During the recent upswing in the apartment market, the rates in both the Far North submarket and the entire Dallas metro fell roughly the same amount (310 to 320bps). |
APARTMENT COMPLEXITIES
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