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  • 0716BUS Econsnapshot

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    The Dallas Morning News
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    The Dallas-Fort Worth area is experiencing a boom in apartment construction and rentals due to strong employment gains and population growth fueling demand. Fifty-eight apartment projects with nearly 15,000 units are under construction across North Texas, with an average size of 256 units per four-story building. Average apartment rents have risen almost 20% since 2003 and are currently $819 per month. Apartment construction has nearly quadrupled since 2010, with over 14,800 units currently being built. Net apartment occupancy has increased by almost 50,000 units since early 2010. Experts say the high demand is outpacing the increase in new supply and may slow further construction due to rising land and building costs.

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    The Dallas-Fort Worth area is experiencing a boom in apartment construction and rentals due to strong employment gains and population growth fueling demand. Fifty-eight apartment projects with nearly 15,000 units are under construction across North Texas, with an average size of 256 units per four-story building. Average apartment rents have risen almost 20% since 2003 and are currently $819 per month. Apartment construction has nearly quadrupled since 2010, with over 14,800 units currently being built. Net apartment occupancy has increased by almost 50,000 units since early 2010. Experts say the high demand is outpacing the increase in new supply and may slow further construction due to rising land and building costs.

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    1K vues1 page

    0716BUS Econsnapshot

    Transféré par

    The Dallas Morning News
    The Dallas-Fort Worth area is experiencing a boom in apartment construction and rentals due to strong employment gains and population growth fueling demand. Fifty-eight apartment projects with nearly 15,000 units are under construction across North Texas, with an average size of 256 units per four-story building. Average apartment rents have risen almost 20% since 2003 and are currently $819 per month. Apartment construction has nearly quadrupled since 2010, with over 14,800 units currently being built. Net apartment occupancy has increased by almost 50,000 units since early 2010. Experts say the high demand is outpacing the increase in new supply and may slow further construction due to rising land and building costs.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 1

    LOCAL ECONOMIC SNAPSHOT | APARTMENTS

    D-FW sees apartment boom


    By STEVE BROWN
    Real Estate Editor sbrown@dallasnews.com

    The Dallas-Fort Worth area is one of the top markets in the country for apartment construction and net rentals. Employment gains and population growth in North Texas are fueling a rush to rent. And some residents who would have bought houses a few years ago are now settling for an apartment.

    Where they are being built


    Fifty-eight apartment projects with 14,832 units are under construction in North Texas. The average size of the projects is 256 units in a four-story building.

    DENTON
    380

    McKINNEY

    35E

    FRISCO
    121

    LEWISVILLE FLOWER MOUND

    289

    PLANO
    190 121

    CARROLLTON
    635

    35W

    GRAPEVINE GARLAND
    75

    35E 26 820 10 183

    IRVING
    12

    78

    30

    199

    30

    FORT WORTH

    ARLINGTON

    GRAND PRAIRIE

    30

    DALLAS

    20 45 175

    20 360 35W 35E

    N 5 miles

    MANSFIELD

    Rents
    Average apartment rents in the D-FW area have risen almost 20 percent since early 2003. Average monthly rental rates for each quarter:
    900

    Construction
    Apartment building activity in the D-FW area has almost quadrupled since the fourth quarter of 2010. Number of units being built in North Texas during each quarter: 2nd 25,000 quarter, 2012: 20,000 14,832
    15,000

    Demand
    Since early 2010, net apartment occupancy in North Texas has increased by almost 50,000 units. Quarterly net change in apartment leasing: 2nd quarter, 12,000 2012: 8,031
    10,000 8,000 6,000

    2nd quarter, 2012: $819

    800

    700 10,000 600 5,000 0 03 04 05 06 07 08 09 10 11 12

    4,000 2,000 0 -2,000 -4,000

    500 03 04 05 06 07 08 09 10 11 12
    SOURCE: MPF Research

    -6,000 03 04 05 06 07 08 09 10 11 12

    The bottom line


    Here in Dallas-Fort Worth were experiencing the job growth needed to support a sizable increase in apartment completions. Delivery timing is the one thing to watch that could lead to a brief bump in the road. The pent-up demand can be released because of job creation and population increase. This may be especially true in the rental market kids leaving parents, college grads coming to town with jobs, individuals leaving roommates to rent their own units. Apartment demand in North Texas is so far outstripping the jump in new supply. And while builders are still hunting for deals, higher land and construction costs may slow the number of groundbreakings.

    Greg Willett, vice president, MPF Research

    Dr. James Gaines, economist, the Real Estate Center at Texas A&M University

    Steve Brown, Real Estate Editor, The Dallas Morning News

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