DFW APARTMENT DEMAND UP; OCCUPANCY, RENTS DOWN

From: Dallas Urban Core
October 9, 2009

North Texas apartment occupancy fell in the third quarter, as did its average rent when compared with October 2008 figures, according to Carrollton-based MPF Research Inc.

The apartment analyst firm reported a 4.1 percent decrease in Dallas’ average apartment rent to $772 between third quarter 2008 and 2009. Fort Worth experienced a 2.1 percent fall to $686 during the same period.

North Texas apartment occupancy came to 89.9 percent at the end of September, down from over 93 percent a year ago.

However, Dallas–Fort Worth net leasing during the third quarter increased for the first time in a year by 2,770 units.

With an estimated 17,576 apartments under construction at the end of September, about 8,500 apartments are set to open by the close of 2009.

Elsewhere, Austin’s average rent fell 6.8 percent to $829, Houston rents fell 2 percent to $783 and San Antonio rents fell 0.7 percent to $725.