Dallas Q2 Multifamily Market Report: Strong Renter Demand Outpaced by Deliveries
Highlights:
- The Dallas-Fort Worth multifamily market has been marked by rapid demand growth and steady additions to supply in recent years. During the first half of this year, the pace of renter demand slowed as the coronavirus dragged on the economy. Heading into the second half of the year, demand should gain momentum.
- The multifamily vacancy rate ended the second quarter at 5.7 percent, up 80 basis points year over year. Vacancy is only 50 basis points higher than the market’s five-year average.
- Asking rents ended the second quarter at $1,184 per month, 2.5 percent higher than one year ago.
- Sales velocity in Dallas-Fort Worth slowed during the second quarter, following a strong start to the year. Activity has already shown signs of picking up early in the third quarter.
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