Average monthly rent increased by 8.5% over the 12-month period ending in December, according to the latest report from Apartmentdata.com. This comes at the tail end of a year that kicked off with more than 21% year-over-year growth, per the market research firm.
BISNOW Dallas-Fort Worth Real Estate News (January 5, 2023) - Read The Full Article
The Dallas-Fort Worth rental market currently sits at a 92.4% occupancy, with an average rental rate of $1,497 per month on 881 square feet of space.
That’s according to a December 2022 survey of all apartment communities from ApartmentData.com, which revealed that Dallas’ occupancy rate is higher than all other major Texas markets, including Houston (90.6%), San Antonio (90.4%), and Austin (90.8%).
WFAA Dallas (January 3, 2023) - Read The Full Article
Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The gated community offers one- and two-bedroom units ranging from 742 SF to 1,319 SF.
The Houston apartment market, which includes 719,943 units has an occupancy rate of 90.6 percent, down about 1 percent from a year ago, according to recent statistics from ApartmentData.com. Rental rates are up about 7 percent in 2022.
In other recent investment activity, Bascom Group closed on the purchase of Montierra a 346-unit community, built in 2003 and located at 2345 Sage Road in the Uptown/Galleria submarket. “This acquisition continues our Texas strategy of acquiring well located, newer vintage assets with minimal deferred maintenance and value-add potential,” said Chang Liu, Acquisitions Director for Bascom, which is based in Irvine, Calif.
Realty News Report (January 3, 2023) - Read The Full Article
In 2022, Austin saw 18,661 apartments across 68 communities open, according to ApartmentData.com’s December market report. There are a further 18,095 apartments proposed across 66 communities, and 40,245 apartments proposed to be built across 119 communities.
Austin Business Journal (December 29, 2022) - Read The Full Article
That’s according to the latest Austin-area apartment market report from ApartmentData.com, which tracks the market.
Austin has a 90.8% occupancy rate, down half of a percent from the end of the third quarter, according to ApartmentData.com. And the rate of rent growth is starting to return to a long-term average, which is about 6% a year, the report said.
The rental growth rate currently is at 7.5%, and that number has continued to decline month over month, with rents across the market now averaging $1,632 a month, according to ApartmentData.com.
“The pressure on occupancy and rental rates is driven by an increase in new apartments being delivered with a decrease in absorption (net leasing activity),” said Cindi Reed, director of sales for ApartmentData.com, an MRI Software Company. “Year to date, we have delivered 12,425 apartment homes while only absorbing 8,261 of them.”
Austin American-Statesman (December 13, 2022) - Read The Full Article
This development could keep multifamily development humming on Austin’s north side. The submarket ranked No. 1 in the area for apartment communities delivered in 2022 with 20, according to ApartmentData.com.
Austin Business Journal (December 13, 2022) - Read The Full Article
The average rent in downtown Fort Worth is $1,587 as of this month, according to ApartmentData.com.
Fort Worth Star-Telegram (December 11, 2022) - Read The Full Article
That’s according to a recent report from ApartmentData.com, which found that 20 multifamily developments opened in the North Austin submarket this year. It’s important to note that the submarket’s boundaries are expansive, stretching from Koenig Lane in Austin north past Georgetown.
The only other submarket that came close to that total was South Austin with 13 developments added last year. For that submarket, ApartmentData.com looked from U.S. Route 290 all the way south past San Marcos.
Austin Business Journal (December 7, 2022) - Read The Full Article
The Houston apartment market, which includes 719,943 units has an occupancy rate of 90.6 percent, down about 1 percent from a year ago, according to new statistics from ApartmentData.com. Rental rates are up about 7 percent in 2022.
Realty News Report (December 6, 2022) - Read The Full Article
“People are leaving Class-B every single month in big numbers,” ApartmentData.com President Bruce McClenny said. “People move back home with relatives, they double up and move down the class chain.”
BISNOW Houston Real Estate News (December 6, 2022) - Read The Full Article
Another report, from ApartmentData.com, found the occupancy rate dipping slightly in DFW.
DFW’s occupancy of 92.4% is the highest among the four major metro areas in Texas, but it has been declining since October 2021, according to ApartmentData.
While the Fall is normally a slower time of year for multifamily activity, the economy, along with a large number of recently opened rental communities, is factoring into the slowdown.
The ApartmentData report found an average rent of $1,497 per unit in DFW, ranking second among the state’s four biggest metro areas.
Dallas Business Journal (December 5, 2022) - Read The Full Article
Despite a real estate boom that has launched Nashville to supernova status, developers and analysts are wondering if 2023 is the year that bursts the bubble.
“I’ve been doing this a long time,” said Bruce McClenny, senior director of ApartmentData.com. “You think you’ve seen everything, and then here this comes. It is a lot of uncertainty.”
Nashville’s multifamily market has seen a growth spurt in recent years, but supply has only just begun to catch up to the demand. ApartmentData.com estimated a rent growth of 13.1% in 2022 and 19.6% in 2021. Last year saw an above-average number of apartments hit the market, with 8,152 units added, according to ApartmentData.com.
The Tennessean (December 5, 2022) - Read The Full Article
Apartment rents in Dallas-Fort Worth declined for a third consecutive month to fall below $1,500, according to a report released Friday from ApartmentData.com.
Fort Worth Star-Telegram (December 2, 2022) - Read The Full Article
According to Apartmentdata.com, rental rates in the Greater Raleigh submarket dropped 8.3 percent over the past three months. That region includes a wide swath of central North Carolina, such as Fayetteville, Goldsboro and Rocky Mount.
Triangle Business Journal (December 2, 2022) - Read The Full Article
Rental rates will be determined by the market at the time of pre-leasing, Sueba said. The average rate for class A apartments in the Pearland submarket, which stretches along 288 up to the Interstate 610 Loop, was $1,672 in November, according to Houston-based ApartmentData.com.
Houston Business Journal (December 2, 2022) - Read The Full Article
Some 65 apartment communities totaling more than 17,000 units are under construction across the Houston region, according to ApartmentData.com, a Houston-based apartment market research firm and division of MRI Software.
Houston Chronicle (December 1, 2022) - Read The Full Article
Apartment costs have followed a similar trend, with DFW seeing an annual increase of 12.5% in October. Rent growth in Houston, Austin and San Antonio was between 8% and 9.5% in the same period, according to ApartmentData.com.
BISNOW Dallas-Fort Worth Real Estate News (December 1, 2022) - Read The Full Article
At Prose Westover Hills, another Prose property on San Antonio’s Far West Side managed by South Carolina-based Greystar Properties, rental rates are between $1,300 and $1,800, above the current median rate of $1,216 per month in San Antonio, according to ApartmentData.com.
San Antonio Business Journal (December 1, 2022) - Read The Full Article
Over the past 12 months, 18 communities representing 5,196 units have been built, according to ApartmentData.com’s November report.
Jacksonville Daily Record (November 29, 2022) - Read The Full Article
Some 65 apartment communities totaling more than 17,000 units are under construction across the Houston region, according to ApartmentData.com, a Houston-based apartment market research firm and division of MRI Software.
Houston Chronicle (November 29, 2022) - Read The Full Article