Dallas Q1 Multifamily Market Insights: Vacancy Rate Hits New Low, Rents Surge Higher


  • Dallas-Fort Worth was one of the hottest multifamily markets in 2021 with robust absorption and investment activity levels. Those trends repeated in the first quarter of this year. Absorption outpaced deliveries, driving the vacancy rate lower, and transaction activity is ahead of the 2021 pace.
  • The vacancy rate continued to improve, reaching an all-time low in the first quarter. The rate fell 20 basis points to 2.7 percent; year over year, vacancy has dropped 330 basis points.
  • Rents surged again in the first quarter, posting a 3.5 percent gain to start the year. During the past 12 months, rents have spiked 19.8 percent, ending the first quarter at $1,434 per month.
  • The investment market remained active to start the year, and sales velocity in the first quarter outpaced levels from the same period in 2021. In transactions where pricing information was available, the median price during the first quarter reached $222,200 per unit.

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