October 2, 2008: Dallas-Fort Worth apartment demand up, rents rise
This is an encouraging story about the strength of Texas investment properties in the Dallas-Fort Worth metroplex. The US economy, as we know, is in the throes of a serious crisis of confidence.
Real estate values for homes are dropping, though this decline has not been nearly as severe in Texas.
If you are looking for a 1031 exchange property, consider Dallas, Fort Worth, Houston and other Texas metro areas at this time.
Dallas-Fort Worth TX Multifamily Market Strengthens
10:13 PM CDT on Thursday, October 2, 2008
After six months of lame leasing at the start of the year, Dallas-Fort Worth’s apartment market saw a surge in rental demand during the third quarter.
Net apartment leasing totaled about 3,680 units in the D-FW area during the just-completed quarter.
That’s a huge improvement from the first half of 2008, when the market saw a net decline in overall occupancy.
“There was decent demand for the first time since the third quarter of last year,” said Greg Willett, vice president of research and analysis for M/PF YieldStar. “D-FW occupancy is up a little bit, and rent growth is holding steady.
“The sustained rent growth is counter to the pattern elsewhere, with the national numbers exhibiting a big slowdown.”
The increase in rentals during the third quarter was enough to push overall occupancy in the area to 93.2 percent.
And average rents rose 2.9 percent to a record $766.
Construction is booming, too. Read the rest of the story
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