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Rental rate growth and occupancy are holding steady across Dallas-Fort Worth, especially in light of the number of apartments that have opened in the past year, according to a new report by ApartmentData.com.

Occupancy at DFW-area apartments reached 91.8 percent percent in July, according to the company.

Eighty-one apartment communities have opened in the past 12 months in DFW, totaling 23,916 units. The DFW market absorbed 20,456 apartment units in that same period.

Occupancies in Texas’ four major markets are all above 90 percent, with Houston at 90.4 percent, San Antonio at 91.7 percent and Austin at 92.1 percent occupancy.

Average monthly rents are $1,154 in DFW, $1,051 in Houston, $978 in San Antonio and $1,308 in Austin. That reflects rental rate growth over the past 12 months of 3.3 percent in DFW, 1.6 percent in Houston, 3.8 percent in San Antonio and 4.6 percent in Austin, according to ApartmentData.com.

The hottest DFW-area apartment submarkets, based on annualized growth over the past three moths, are in order: Northwest Fort Worth/Saginaw/Eagle Mountain, West Plano/Frisco, Allen/McKinney, Far East Dallas, and Uptown/Oak Lawn/ Highland Park.

Some 100 apartment communities are under construction now across DFW, which will add 29,177 units. Another 89 communities and 39,313 units are proposed for construction in DFW.

Overall, DFW has an operating supply of 731,147 units, Houston has a supply of 656,277 units, San Antonio has 192,711 units and Austin has 231,789 units.


Publication: Houston Business Journal

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