Despite 22,000 units under construction across Dallas-Fort Worth, theres not enough multifamily properties to meet the growing demand of residents and the job market. (People are going to have to start sleeping on the floor of abandoned Border's stores.) JLL managing director JeffPrice says the DFW market is like the hot sales market from 06-07 with one caveat: Theres a dearth of properties for sale. Theres a lot of capital chasing fewer deals with new money entering the market. One new trend: non-refundable earnest money posted very early in transactions. Many buyers who normallywouldn'tdo that are now.

While some may consider 22,000 units too many, Jeff thinks they are too few. Most of the new units are urban or confined in certain suburban submarkets, and there are some areas with none, he says.Two things make it harder to get a project out of the ground today vs 12 to 24 months ago: Equity loves the urban markets and is hesitant to go to the burbs, while construction costs have increased substantially in the past year (lumber costs alone are almost 70% higher). Fun fact: Jeffs a big fan of The Duke. His favorite John Wayne movies areThe Searchers, In Harm's Way, and The Quiet Man. That's right, pilgrim, theres a picture of Wayne on his desk.

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