Dallas/Ft. Worth Apartment Market Update - August 2007

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Despite recording some gains in August, Dallas/Fort Worth market occupancy remains toward the lower end when compared to the major Texas markets.  Though rental rates were flat over the month, they remain well ahead of average rates in Houston and San Antonio, but still below those found in Austin.  Demand for apartment units in Dallas/Fort Worth continued at a healthy pace in August, trailing only Houston of the major Texas markets.

Dallas/Fort Worth apartment market occupancy declined 0.07 points in August to 90.11%; area occupancy remains 0.22 points below last year’s level. Though rents per square foot were flat at $0.879 psf over the month, they are up $0.008 psf over the last year.  Rental rates per unit jumped $1.93 to $745.66, which brings the annual increase to $8.24.  August absorption levels were strong, as 1,501 units were absorbed; absorption over the past 12 months totals 4,923 units.

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