Dallas 1Q24 Multifamily Market Insights Report: Absorption gains momentum to start 2024

Highlights: 

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• The first quarter was a period of strong renter demand and active development in Dallas-Fort Worth. Net absorption totaled more than 7,200 units, while developers delivered approximately 10,700 units. 
• The vacancy rate inched up 30 basis points in the first quarter, reaching 7.4%. Year over year, area vacancy has pushed up by 100 basis points.
• Quarterly rent trends have been inconsistent in recent periods, but the net result has been rental rates that have remained in a tight range for much of the past two years. Rents ended the first 
  quarter at $1,515 per month. 
• Fewer multifamily properties traded in the first quarter, repeating a pattern that emerged in 2023. In transactions where pricing was available, the median price was $134,500 per unit. The average price is much higher; during the first quarter, the average price reached $188,900 per unit.

Read the report or contact our Dallas office to learn more.