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Multifamily Expert Sees '08 Surge in US Demand

DALLAS-Based on M/PF YieldStar's calculations, the sector is primed to maintain or maybe beat 2007 performance-wise. The firm's list of market leaders holds some surprises.

By Connie Gore | Updated on February 29, 2008

DALLAS-For the first time in a long time, Dallas/Fort Worth’s rent growth in the multifamily sector outweighed the national average. A leading expert says it’s not likely to happen again this year, but overall Texas is and will continue to outperform or meet national averages.

Greg Willett, vice president of research and analysis for Carrollton, TX-based M/PF YieldStar, told a roomful of industry leaders yesterday that he doesn’t foresee any trouble spots in Texas or many parts of the US. Phoenix, though, is a far different story. “In our perspective that’s the market that’s going to be struggling the most for the next couple years,” he said.

Willett admitted that not all analysts are on the same page in their outlooks for this year and 2009. But in Willett’s estimation, the overall multifamily sector is on track to at least maintain performance levels from last year unless the US economy goes into complete meltdown. The US occupancy was 95.2% at the 2007 close. In Dallas/Fort Worth, it was 94.1%. Rent growth was 3.5% nationwide; 4% in D/FW.

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