{"id":5781,"date":"2023-04-10T11:35:00","date_gmt":"2023-04-10T11:35:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5781"},"modified":"2024-03-12T16:25:42","modified_gmt":"2024-03-12T16:25:42","slug":"dallas-multifamily-market-report-march-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/dallas-multifamily-market-report-march-2023\/","title":{"rendered":"Dallas Multifamily Market Report \u2013 March 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/dallas-multifamily-market-report\/\">Dallas Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<h2>Softening Demand Affects Rents, Occupancy<\/h2>\n<p>Dallas-Fort Worth performed well during the pandemic and <a href=\"https:\/\/www.yardimatrix.com\/blog\/dallas-multifamily-market-report-november-2022\/\"><strong>continues to display healthy fundamentals<\/strong><\/a> fueled by strong demographic growth, even as demand softened. Following last year\u2019s 2.4% stock expansion, occupancy in stabilized properties declined 1.1% in 12 months, to 94.5%. Meanwhile, the average asking rent held up well, down by only 0.3% on a trailing three-month basis, on par with the national rate. At $1,556 in January, Dallas\u2019 average rent was still behind the $1,701 U.S. figure.<\/p>\n<p><iframe id=\"datawrapper-chart-hiP7P\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Dallas vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/hiP7P\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>DFW unemployment was down to 3.2% in December, trailing Austin (2.7%) but ahead of the state (3.8%), the U.S. (3.5%) and other major Texas metros, according to data from the Bureau of Labor Statistics. Employment expanded by 6.8%, or 242,200 positions, in the 12 months ending in November 2022. That placed the Metroplex first among the country\u2019s major markets, while the national average hit 3.9%. Professional and business services led gains (51,700 jobs), followed by leisure and hospitality (47,900 jobs). Meanwhile, 61.6 million square feet of industrial space was underway in January, fueling the development boom.<\/p>\n<p><iframe id=\"datawrapper-chart-naEZ9\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Dallas Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/naEZ9\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>As of January, developers had 50,482 units underway, heavily favoring the upscale Lifestyle segment. Meanwhile, transaction activity slowed down at the beginning of the year, on the heels of $10.1 billion in assets trading in 2022, which marked the second-best year in a decade.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3633-MatrixMultifamilyDallasReport-March2023\"><strong>Matrix Multifamily Dallas Report-March 2023<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Softening Demand Affects Rents, Occupancy Dallas-Fort Worth performed well during the pandemic and continues to display healthy fundamentals fueled by strong demographic growth, even as demand softened. Following last year\u2019s 2.4% stock expansion, occupancy in stabilized properties declined 1.1% in 12 months, to 94.5%. Meanwhile, the average asking rent held up well, down by only [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[465,475],"class_list":["post-5781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-dallas","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dallas Multifamily Market Report \u2013 March 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Dallas-Fort Worth\u2019s rent growth recorded a 0.3 percent decrease on a T3 basis in January, on par with the U.S. rate, Yardi Matrix 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