One Sign of the "Stabilizing Local Economy": Rise in Apartments Rentals
On Wednesday, MPF Research released a press release touting the enormo bump in Dallas-Fort Worth apartment rentals: "During the first three months of the year, renters absorbed 6,520 apartment units, the best quarterly demand performance seen since fall 2007." And, says Greg Willett, nearly 10,000 units have been taken off the for-lease market from March '09 to March '10 -- a sign that things are lookin' goodish with our "stabilizing local economy."
This morning, Globest.com follows up with an interview with the analyst, who points to last week's stats from the Census Bureau -- showing Dallas-Fort Worth-Arlington picked up 140,000 new residents from '08 to '09 -- as proof there's a growing need for apartment units: "We continue to attract new households because the job prospects, and once we get in the upside of the cycle, the recovery will be comparatively fast. It doesn't ease the pain so far, but it does position us better moving ahead."
Still, the overall occupancy rate's down (around 89.3 percent, when 94 percent's where you'd like to be); so too the price of an average rental (at $739); so too construction starts, though completions were up in the first quarter ('round 3,000 units were done). One interesting stat among many from Wednesday's press release: The give-or-take 19,000 units brought online since last March tops Houston's new-supply count by 2,000 and gives North Texas " the biggest block of completions anywhere in the country." Should be a slogan: "Dallas: We have more units than you."
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