Dallas Apartment Market, Slows Slightly, but Still Strong

Dallas-Fort Worth’s robust economy has kept its multifamily market running in high gear for most of 2022, with strong development and investment activities. However, a Yardi Matrix survey found that inflation is impacting renters, and rate growth softened to a 0.2 percent increase on a trailing three-month basis through September, to $1,566. In addition, substantial stock expansion surpassed demand, and the occupancy rate in stabilized properties slid 40 basis points in the 12 months ending in August, to 95.2 percent.

Development remained elevated, with 51,621 units under construction and 16,117 units delivered in 2022 through September. Construction starts increased from the same period last year. Meanwhile, investment volume surpassed $7.7 billion, although a softening was evident from one quarter to the next. The per-unit price continued to rise, up 16.5 percent annually, to $184,307.