Dallas/Fort Worth Multifamily Figures Q2 2023

·         Despite current economic uncertainty, employment indicators have shown continued signs of strength through mid-2023 as the metro area added a robust 205,000 jobs over the 12 months ending June 2023, according to preliminary monthly data from the Bureau of Labor Statistics.

 

·         Net absorption reversed course from last quarter with 5,726 units absorbed during Q2 2023, yet occupancy continued to decline, albeit marginally, due to the high volume of quarterly deliveries.

 

·         Rents were virtually unchanged over the quarter and continued to drag annual rent growth down from 5.1% to 2.4%.

 

·         Nearly 7,500 units were delivered in Q2 2023, an increase from last quarter and the highest quarterly delivery total DFW has recorded in two years.

 

·         Despite starts slowing from last quarter, the total active pipeline reflects 73,178 units under construction with 21,116 of those units slated for delivery for the remainder of 2023.

 

·         Dallas/Fort Worth led the country in multifamily investment volume over the previous rolling four quarters with $12.1 billion in sales, which accounted for 6.6% of the national total.