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The annual M/PF YieldStar Texas Apartment Markets Conference took place yesterday at the Adam’s Mark Hotel in downtown Dallas; good God, dunno how we missed that one. Thankfully, GlobeSt.com has a recap, which says, in short, things are lookin’ good for in the multifamily biz throughout the state: “If expert predictions are on target, there are no dark clouds for Texas in the coming year despite continued threats from the subprime market and recession indicators.” And when it comes to Dallas and Fort Worth’s apartment markets:
Dallas’ 394,943 units are 94.3% occupied; Fort Worth’s 144,501 apartments are 93.7% filled. Dallas’ average rent is $745 per month and Fort Worth’s is $667. In 2008, effective rent growth is predicted to be 2% to 3% across the region. There are 13,200 units under construction region-wide, but ongoing teardowns are building in balance to the market.
“Ongoing teardowns.” Why do I think that’s the real story here? –Robert Wilonsky
