Thursday, July 5, 2012

Demand is strong for apartments in DFW - Fort Worth Star Telegram

Demand for apartments in Dallas-Fort Worth was strong in the second quarter because job growth was strong, the latest MPF Research report says.

From April to June, 8,031 new apartment renters hit the market as 1,563 new units became available, said Greg Willett, MPF vice president.Apartment occupancy in North Texas is now at 94.1 percent, up 1 percentage point from the first quarter, MPF said. A year ago, occupancy was 92.7 percent.As a result of demand, rents on new leases rose an average of 1 percent in the second quarter and 4.3 percent from a year ago, MPF said.In areas including Grapevine and north Fort Worth, rents have risen as much as 6 percent from a year ago. Rents are up 8 percent in the popular Dallas Uptown and Oak Lawn neighborhoods, MPF said.Developers have 14,832 units under construction in North Texas that will come on the market about 3,000 at a time for the next five quarters, which is well spaced out, Willett said."In Dallas-Fort Worth we're experiencing the job growth needed to support a sizable increase in apartment completions," he said. "That's not true in all locations where building activity is picking up across the nation."Sandra Baker, 817-390-7727Twitter: @SandraBakerFWST

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