{"id":6140,"date":"2023-08-04T10:27:13","date_gmt":"2023-08-04T10:27:13","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6140"},"modified":"2024-03-13T07:53:03","modified_gmt":"2024-03-13T07:53:03","slug":"dallas-multifamily-market-report-july-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/dallas-multifamily-market-report-july-2023\/","title":{"rendered":"Dallas Multifamily Market Report \u2013 July 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<hr \/>\n<h2>Dallas Records Steady Performance<\/h2>\n<p>In the first five months of 2023, Dallas-Fort Worth displayed solid, albeit slowing, fundamentals. After <a href=\"https:\/\/www.yardimatrix.com\/blog\/dallas-multifamily-market-report-march-2023\/\"><strong>a decline that started in December 2022<\/strong><\/a>, 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%.<\/p>\n<p><iframe id=\"datawrapper-chart-kJd48\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Dallas vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/kJd48\/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>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\u2019s 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.<\/p>\n<p><iframe id=\"datawrapper-chart-8PO7f\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Dallas Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/8PO7f\/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>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\u2019s standards. Three-quarters of assets that traded hands were in the Renter-by-Necessity segment.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4203-MatrixMultifamilyDallasReport-July2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Dallas Report-July 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6148,"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-6140","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 July 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After turning negative at the end of 2022, rent growth plateaued on a T3 basis as of May, at $1,553. Rents decreased 1.3% year-over-year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/dallas-multifamily-market-report-july-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dallas Multifamily Market Report \u2013 July 2023\" \/>\n<meta property=\"og:description\" content=\"After turning negative at the end of 2022, rent growth plateaued on a T3 basis as of May, at $1,553. Rents decreased 1.3% year-over-year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/dallas-multifamily-market-report-july-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-04T10:27:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-13T07:53:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/08\/Dallas-iStock-1494638276.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Dallas Multifamily Market Report \u2013 July 2023 - Yardi Matrix Blog","description":"After turning negative at the end of 2022, rent growth plateaued on a T3 basis as of May, at $1,553. 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