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Dallas Leads Nation in Multifamily Sales
A CBRE quarterly report finds that the Dallas-Fort Worth area continues to be a hotbed for multifamily sales. Sales volume of $29.2 billion was recorded in the previous 12-month period, amounting for 7.8% of sales nationwide, more than any other metro area.
As is often the case with a hot market, affordability takes a hit. Rental rates went up 15.5% nationwide in the previous twelve months, averaging out at nearly $2,000 a month. Austin rent increases led the state of Texas at $2,245; they were up nearly 24% from the previous year, while Dallas experienced rent increases of 18.5.
Vacancy rates fell to a record national low of 2.3%. They were 4.8% at the same time in the previous year.
CBRE’s Matt Peach offers this regarding the latest trends, “Continued coastal migration is the biggest macro trend from the tenant side because this region is still the most affordable in the West.
- ◦Economy
