Dallas 3Q23 Multifamily Market Insights Report: Sales velocity picks up spurred by economic growth

Highlights:

• Vacancies were flat and rents ticked higher in Dallas-Fort Worth in the third quarter. Renter demand is being fueled by rapid growth in the local labor market, and developers are meeting heightened demand by delivering new rental properties.
• Vacancy held steady at 6.6% in the third quarter, although the rate has risen 160 basis points during the past 12 months. The bulk of the increase occurred in the final few months of 2022, and vacancy levels have been mostly flat throughout much of this year.
• Rents inched up to $1,552 per month, slightly higher than at midyear and 0.8% higher than one year ago. Rents are expected to advance by about 1% per quarter for the next few periods.
• Transaction counts are down from 2022 levels, but sales velocity has gained some momentum in each of the past two quarters. In transactions where pricing is available, the median price reached $156,300 per unit

Read the report, or contact our Dallas office to learn more.