DALLAS-Hendricks-Berkadia's Q3 2013 stats for the multifamily sector show a general year-over-year decline in vacancy rates. Vacancy stood at 5%, a 50 basis-point decline from the 5.5% during the same period a year ago.
As vacancies continue their downward slide, asking rents have increased – area-wide, average rents increased by 3.1% versus the 2.5% year over year. A year ago, concessions were 2.3% of asking rents. By Q3 2013, concessions had tapered off to 1.3% of asking rents.
However, declines were noticed in permitting; permits were requested for 9.350 units by Q3 2013. This figure trailed last year's total, which was 11,200.
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