Metro Reports Multifamily Market Real Estate Trends

Dallas Multifamily Market Report – July 2023

Dallas Multifamily Market Report July 2023
Image by Sean Pavone/

Dallas Records Steady Performance

In the first five months of 2023, Dallas-Fort Worth displayed solid, albeit slowing, fundamentals. After a decline that started in December 2022, rent growth plateaued on a trailing three-month basis through May, at $1,553, while the U.S. rate rose 0.3%. Meanwhile, the average occupancy rate in stabilized properties dropped 150 basis points year-over-year as of April, to 93.7%.

Dallas-Fort Worth added 203,100 jobs in the 12 months ending in March, up 5.5% year-over-year. As recently as April, the metro’s unemployment rate had dropped to 3.4%, its lowest rate since the beginning of 2023, according to preliminary data from the Bureau of Labor Statistics. The trade, transportation and utilities sector added 30,500 jobs, accounting for the most additions across the metro. This trend will likely continue, as Dallas Fort Worth International Airport, in partnership with American Airlines, will embark on a $4.8 billion capital improvement program.

Developers had 57,142 units under construction in May. Of the projects underway, 9,956 broke ground this year. In the first five months of 2023, the market had a transaction volume of $1.1 billion, as investment activity continues to remain very limited by the metro’s standards. Three-quarters of assets that traded hands were in the Renter-by-Necessity segment.

Read the full Matrix Multifamily Dallas Report-July 2023

About the author

Madalina Pojoga

Madalina Pojoga has a background in film studies and performative arts. She has been an associate editor with Commercial Property Executive and Multi-Housing News since 2022. Her current work centers on self storage, the industrial and medical office building sectors, as well as data-driven reports on the multifamily market.

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