Figures
Dallas/Fort Worth Multifamily Figures Q1 2024
June 14, 2024 5 Minute Read
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- The Dallas/Fort Worth metropolitan area added 75,400 jobs over the last 12 months ending April 2024, which equates to a 1.8% annual growth rate.
- This trajectory has paralleled strong population growth in North Texas with DFW adding 152,598 residents between 2022 and 2023, the most of any other U.S. metro area.
- Net absorption continued its positive momentum from last quarter with 7,436 net units absorbed during Q1 2024, along with a drop in occupancy from 92.8% to 92.5%.
- Frisco remained the market leader for absorption by submarket, followed by Allen/McKinney, Lewisville/Flower Mound, and Central/East Plano, each with at least 500 units taken up over the quarter.
- Year-over-year effective rent growth declined from -1.5% at year-end to -2.1% in Q1 2024.
- Over 11,000 units were delivered in Q1 2024, an increase from last quarter and the highest quarterly delivery total DFW has recorded in at least a decade.
- Alongside a decline in starts from last quarter, the total active pipeline reflects 37,532 units under construction.
- Despite experiencing the largest drop in year-over-year volume out of any other U.S. market, DFW still accounted for 6.8% of national multifamily investment activity in Q1 2024, the #2 market share in the country.