July 21, 2017
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A continual influx of apartment supply in the Dallas-Plano-Irving Metropolitan Division is putting the brakes on rent growth, according to data released by Axiometrics, a RealPage company. In June 2017, the Dallas metro’s average monthly rent was $1,150, a 2.4%, year-over-year increase from the year before. In June 2016, annual rent growth in the metropolitan division was 5.5%. Occupancy was 95%.
“The influx of Dallas supply is finally affecting market performance,” said Jay Denton, vice president of analytics for Axiometrics. “Demand is still high, but it will take a while to fill all the new properties in the market.” Specifically, the Dallas area is expected to receive 24,864 new units in 2017. This is on top of the 30,383 units that were delivered in 2015 and 2016.
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