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Metroplex Slips in National Apartment Ranking

DALLAS-DFW falls to 26th in Marcus & Millichap National Apartment Index, but long-term outlook appears generally positive due to continuing population influx.

By John McCloud | Updated on January 04, 2009

DALLAS-Steadily rising vacancy and slowing job growth caused Dallas/Fort Worth to fall three places in Marcus & Millichap’s 2009 National Apartment Index. The Metroplex fell to 26th place, from 23rd last year. Nonetheless, despite less than robust growth in the near term, the report says the local apartment market is positioned to rebound from the national economic slowdown quickly, with renewed population growth as early as the end of the year ultimately expanding renter demand.

The index is a snapshot analysis that ranks 43 apartment markets based on their cumulative weighted-average scores for a series of 12-month forward-looking supply-and-demand indicators, including forecast employment change, vacancy, construction, housing affordability and rents. Taking into account both the predicted level and degree of change over the forecast period, the index is designed to indicate relative supply and demand conditions at the market level.

The report says Dallas/Fort Worth job growth in will be modest in ’09. Following a five-year stretch where the Metroplex added approximately 340,000 new positions, it is expected to add just 3,600 positions this year, a bare 0.1% increase. At the same time, the report points out, apartment development, though down from last year, will add 6,700 new units, increasing the inventory by 1.4%. Last year, builders added 10,800 apartments.

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