Dallas continues to be one of the fastest growing cities in the United States. Q2 of 2019 marked the first time in nearly 30 years that annual absorption is exceeding supply. This is a great sign for the status of the Dallas multifamily market. Demand continues to be strong and people are continuing to flood into DFW.
Record Breaking Jobs Growth
With 120,000 jobs added in DFW in Q2 of 2019, that puts it at the second fastest growing market just behind the much larger, New York at 124,000 jobs added.
Rent Growth Averages:
It is interesting to note that South Dallas is seeing the strongest year-over-year rent growth. With all the attention on the North side of Dallas, this could be a sign that South Dallas may start seeing new developments and improvements.
"For the first time in nearly three years, annual absorption is exceeding supply, resulting in a significant 92-basis point (bps) climb in occupancy and 3.0% annual rent growth across Dallas/Fort Worth. Fort Worth revenue growth continued to outpace Dallas, partly due to its outsized population growth fueled by developments like Walsh Ranch and Morningstar. In May, the Census Bureau announced that Ft. Worth had jumped to 13th largest city in the United States."
Source: CBRE Dallas/Ft. Worth Multifamily, Q2 2019 Report