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Moveouts At Older Buildings Drag Down DFW Rent Growth

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

Dallas ranks first among major Texas rental markets in 2022

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

Nord Buys Multifamily Project

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

Austin apartment market update: Rents trending down as more units are built

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

Map: Where apartments are rising in the Austin area

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

Fein Building Apartments North of Houston

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

Apartment rents decreased in November in Dallas-Fort Worth

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

‘Like a bag of of popcorn:’ Will Nashville real estate pop in 2023?

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