Amidst the slew of big corporations moving to Texas, the large scale construction projects, and the record-breaking home sales, Dallas apartments are doing pretty well too according to a Dallas Business Journal article published on November 16th. In it they say:
“As the end of the year approaches, real estate acquisitions are heating up in North Texas, especially in the multifamily asset class. Within the last few weeks, the Business Journal has uncovered seven new apartment acquisitions that have closed, totaling 2,721 units in the region. These latest deals involve mostly Texas-based buyers, but buyers from Florida and California were also represented. The deals have been listed by number of units sold.”
This is a huge cause for celebration considering the nationwide dip in apartment rentals according to a Dallas Morning News article published on December 14th. In it they say:
“Some big-city markets are seeing huge declines in apartment rents thanks to the COVID-19 pandemic. Looking nationwide at one-bedroom units, monthly rents are still up about 1% from a year ago. But in some of the biggest U.S. apartment markets, there have been huge declines in monthly rental rates. The biggest drops are in San Francisco, where the median rent on a one-bedroom apartment has fallen more than 27% during the last year. In New York City, apartments are down almost 19% year-over-year in November. There are double-digit percentage rent declines in Seattle, Chicago and the District of Columbia, too.”
Thankfully, this nationwide decline in apartment sales and rentals seems to have spared Dallas-Fort Worth. On the contrary, the industry is doing well.
