Dallas rental development, click to enlarge
The Dallas multi-family market is in a strong position despite the greater economic challenges of the past year. The rents averaged $ 1,255, an increase of 0.6 percent based on the last three months (T3) to May and corresponded to the national growth rate. Lifestyle numbers rose 0.7 percent to $ 1,456, beating the 0.5 percent rate in working-class on-demand units. Given the rapid population growth and low prices compared to the US average, rents are expected to continue to rise.
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Dallas sales volume and number of properties sold, click to enlarge
While the Dallas-Fort Worth economy has faced challenges over the past year, the market has proven resilient. Despite the shedding of almost 100,000 jobs in the 12 months to March, the underground unemployment rate fell to 5.7 percent in April, far less than the high of 12.5 percent in the previous year. In recent years, the economy has benefited greatly from relocations – gateway markets in particular – and this has remained so over the past year, with both CBRE and Charles Schwab relocating their operations to the region.
Investment in apartment buildings soared to $ 3.2 billion in the first five months of 2021, well above the $ 1.8 billion made in the same period in 2020. Development is also at its peak, with nearly 49,000 units under construction in May, the largest pipeline in the US
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