Dallas Q2 Market Report: Job Gains Push Absorption Totals to New Heights
Highlights:
- The Dallas-Fort Worth multifamily market benefitted from robust levels of job growth and a spike in the net absorption of apartment units during the second quarter. The outlook for the remainder of the year remains positive.
- Net absorption totaled more than 11,600 units in the second quarter, driving the vacancy rate down 90 basis points to 4.9 percent. Year over year, vacancy is down 30 basis points.
- Rent growth accelerated during the second quarter. Asking rents reached $1,155 per month, rising 4.7 percent from one year ago.
- Investment activity picked up during the second quarter, while prices rose and cap rates compressed. Through the first half of this year, the average cap rate in transactions where pricing data was available was 5.2 percent, while the median price had risen to $118,800 per unit.
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