Even with brisk development, apartment occupancy for both Dallas-Plano-Irving and Fort Worth markets is at 95.5 percent, according to Axiometrics. The company defines anything over 95 percent as “full,” meaning it can absorb new supply without too much trouble, said Stephanie McCleskey, vice president of research. The Dallas and Fort Worth metros have been full since March. Annual effective rent growth came in at 6.3 percent for Dallas and 5.9 percent for Fort Worth. Renters in Dallas are paying an average of $1,038 for their units; in Fort Worth, they’re paying an average of $925 per unit. McCleskey said the rent growth for Dallas is bit of a surprise, in light of the new units being delivered to the market.
“We keep going back to the fundamentals of job and population growth, both of which are very strong in DFW,” McCleskey said. “Because of that, and because we’re heading into the busy months of summer, we should likely see a stronger rent growth and absorption in the DFW area.”