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Multifamily Supply Catches Up with Demand, Thus Declining Rents

DALLAS—Demand has remained relatively steady as job growth has not declined significantly, and is projected to gain 105,000 jobs in 2017, leading to a moderating level in the future multifamily market.

By Lisa Brown | lisabrown | Updated on January 27, 2017

Villas Del Lago Apartments is located in the Bachman Lake neighborhood.

DALLAS—For the fourth straight month in December, average rent in Dallas declined, while Fort Worth average rent fell for the third month in a row, according to Axiometrics, the apartment and student housing market research and analysis firm. The lower rent translates into moderating apartment market performance in 2016 for both sides of the DFW area.

Dallas’ December annual effective rent growth of 3.6% was two full percentage points below the 5.6% of December 2015. Fort Worth’s 5.2% growth rate in December was 1.5 percentage points lower than the previous year’s figure. December occupancy rates were lower than November’s, which is common late in the year, in both Dallas and Fort Worth.

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