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DFW Multifamily Sector Thriving
Marcus & Millichap published its 2Q 2024 Dallas-Fort Worth Multifamily market investment report.
“Dallas-Fort Worth continues to demonstrate strong multifamily market fundamentals, with remarkable demand and substantial new construction,” stated Marcus & Millichap’s Mark R. McCoy.
Some of the report insights include:
- Dallas recorded the highest apartment demand in the nation, with net absorption exceeding 8,000 units in Q1 2024. Key submarkets such as Frisco-Prosper and Allen-McKinney significantly contributed to this trend.
- Fort Worth faced notable supply pressure, with a 4.4% increase in apartment inventory leading to more frequent rental concessions, particularly in areas like Intown Fort Worth and North Fort Worth-Keller.
- A historic supply influx raised vacancy rates across the metroplex, with the average rate climbing to 7.9%, the highest since 2010. Despite this, average effective rents are projected to rise to $1,548 per month.
- ◦Economy
