DFW’s strong growth continues to fuel apartment construction across the region. For Dallas, monthly rents in the newer units now average more than $1,230 – an increase of 9.2% in the last 2 years. Occupancy in these units has also trended higher, coming in at 94.6%.
The CBD and Uptown have seen significant construction. Since 2014, 15 projects were delivered, which added more than 4,300 units to the inventory – an increase of 10% in the overall stock. Absorption has been strong thus far in the urban core. Currently, 74% of these new units have been leased – that equates to an average pace of 30 units per month per project. Construction underway in the urban core is expected to add another 7,600 units over the next few years.