DFW’s apartment market remains solid as regional growth drives rent and occupancy
Since 2013, effective rents are up 25 percent in DFW’s Class A stock and 27 percent in Class B, considering projects over 25 dwelling units and built since 1980.
October 30, 2019
- Since 2013, effective rents are up 25 percent in DFW’s Class A stock and 27 percent in Class B, considering projects over 25 dwelling units and built since 1980.
- For Class A and B combined, while occupancy has declined slightly over this period, it has been fairly stable.
- In looking at the sectors, Class B continues to run around 94 percent. At that level, these units are operating essentially “full”, with any vacant units coming available being the normal monthly turnover as residents move.
- In contrast, Class A occupancy is down from 92 percent in 2013 to 88.4 percent now. That decline is attributable to the significant new construction we have seen as projects deliver and lease-up.
- Importantly, our region’s continued growth has been helping push Class A occupancy and effective rents higher in the last several quarters – even though occupancy may feel slightly “soft” at under 90 percent.
Source: JLL Research