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Market Summary
Key metrics for the Dallas/Fort Worth area multifamily sector recorded significant changes both over the month and over the year.
Over the month all the classes recorded both upward and downward trends in terms of occupancy. Class A properties recorded an increase of 0.22% over previous month. On a year-over-year basis Class A properties recorded a decrease of 0.29%. The largest annual increase was noted for Class C properties with an increase of 0.66%.
The average rental rate per square foot continued to increase marginally on a monthly basis for individual classes. Class A properties reported an increase of $0.001 per square foot over the last month. On a yearly basis Class A reported an increase of $0.019 per square foot. The largest annual increase was reported for Class D properties reporting an increase of $0.021 per square foot.
The average rental rate per unit for all classes recorded significant changes both over the month and over the year. Class A properties recorded an increase of $0.68 per unit over the month; to close at $1,108 per unit. On a yearly basis, Class A properties reported an increase of $16.58 per unit. The largest annual increase was also noted for Class A properties.
13,086 units are in the construction pipeline, spread over 44 projects. 2.98% of the pipeline is currently pre-leasing.
Absorption in Dallas for March 2016 was positive (449), bringing the annual total to a positive 1,781 units. 4,563 units are in the planning stage.
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