Apartments in Dallas-Fort Worth Metroplex: 2013 Review and 2014 Forecast

Hendricks Berkadia just released their DFW 2013 Review and 2014 Forecast, which has some interesting data:

Dallas Fort Worth Price Per Unit

DFW City by City: Vacancy, Avg Rent Increase, Avg Rent

Here are a few highlights worth noting. 

2013 DFW Review

  • 3.2% employment growth (98.7k workers) - one of US job growth leaders
  • 2% population growth (to 6.85M)
  • 14.7% median home price increase!
  • 5.4% apartment vacancy (30-basis-point better than 2012)
  • 3% annual rent increase
  • Renter concessions decreased from 2.5% to 1.8%
  • Apartment sales price per unit - increase from ~$55k to ~$70k/unit!

2013 Notable Submarkets:

  • Vacancy Increase
    • South Dallas (8.5% -> 13.1%)
  • Vacancy Decrease
    • Ellis County vacancy decrease (11.1% -> 3.5%)
    • Grand Prairie (8.1% -> 4.5%)
    • Hunt County (4.3% -> 0.7%)
    • Central Arlington vacancy decrease (8.4% -> 5.5%)
    • North Irving (5.7% -> 3.7%)
    • Oaklawn (5.7% -> 3.7%)
  • Rent Increase
    • South Dallas: 12%
    • North White Rock: 6.8%
    • Far North Dallas: 5.6%
    • Southwest Fort Worth: 5.6%
    • Southeast Fort Worth: 5.1%
    • Northeast Fort Worth: 5%

2014 Forecast

  • Employment growth of 3-4% (vs. ~2% for the US)
  • Continued DFW vacancy decrease, approaching 4%
  • Continued DFW rent growth of ~3%

 

@helloswat