![]() The Dallas-Fort Worth metropolitan area remains one of the country’s strongest markets for multifamily investment with demand for apartments increasing as corporations expand. By offering new job opportunities and payroll increases, companies like Charles Schwab and TD Ameritrade continue to drive migration, which has reduced vacancy rates while driving up rents. In fact, the average effective rent for the area recently hit a record high of more than $1,000 per month. Because the need for apartments continues to outpace supply, builders have significantly increased their efforts and delivered many more units in 2016 than in past years. Construction will continue at this pace with several new high-rise complexes slated for the Intown Dallas market. Additionally, renovations are set to convert warehouse and office space in Downtown Dallas into new multifamily structures. While the recent boost to construction will likely inflate the vacancy rate, this increase will likely prove temporary because of growing tenant demand. This demand will also keep the average effective rent high.
0 Comments
Leave a Reply. |
AuthorAn experienced real estate investor and co-founder of 37th Parallel Properties in Richmond, Virginia, Chad Doty has established himself as a leader in commercial multifamily real estate. Archives
January 2017
Categories |