Read the latest Yardi Matrix Dallas Multifamily Market Report.
Fast-Growing Dallas Hits Speedbumps
With inflation continuing to impact the industry, Dallas-Fort Worth’s rent movement turned negative through the first three quarters of 2023, at -0.1% as of September. At $1,563, the DFW metro’s average rate was still lagging the $1,722 national figure.
Meanwhile, the average occupancy rate in stabilized assets was down 10 basis points year-over-year as of August, to 93.7%. Dallas-Fort Worth added 178,600 new jobs in the 12 months ending in June, up 4.7% year-over-year and 210 basis points above the U.S. figure. According to preliminary data from the Bureau of Labor Statistics, the metro’s jobless rate climbed to 4.2% in August, the highest rate since October 2021. Professional and business services gained 39,100 jobs year-to-date through June, leading all sectors.
After registering $9 billion in the first three quarters of 2022, Dallas-Fort Worth’s transaction volume fell significantly during the same time frame in 2023, to $2.5 billion across 110 deals. The Renter-by-Necessity segment accounted for 70 transactions, leading to a sliding per-unit price, at $152,902. Developers focused on upscale properties, with more than 94% of the properties under construction aimed at the Lifestyle segment.
Read the full Matrix Multifamily Dallas Report-November 2023
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