- Multifamily conditions in Dallas-Fort Worth strengthened during the third quarter. The pace of job growth accelerated, apartment vacancy improved for the second consecutive quarter, and rents rose at a steady rate.
- Absorption of apartments totaled approximately 9,600 units during the third quarter, and renters have moved into a net of nearly 24,000 units year to date. The strong renter demand drove vacancy down 40 basis points in the third quarter to 4.5 percent, the lowest rate in four years.
- Asking rents rose 1.6 percent during the third quarter, reaching $1,174 per month. Current rents are up 4.7 percent from one year ago.
- While sales of apartment properties slowed slightly from the second quarter to the third quarter, activity thus far in 2019 is ahead of last year’s pace. Prices are trending higher, and cap rates have compressed in each of the last two quarters.