A report just released by local research firm MPF Research notes the good news: multifamily rents in North Texas are continuing their upward trek. The other side of the coin, however, is that the pace has slowed – effective rates for new leases were up 2.8% during the past year, versus the 4.7% growth that took place in 2011.
Still, no one should panic at the slowdown. MPF Research, a division of RealPage Inc., points out that rents have jumped 8.5% in the past three years, following mild drops that occurred in 2008 and 2009. “The overall slowing in growth relative to 2011’s performance mainly came at the top end of the market, as the best properties had been posting price increases of 5% to 6%," explains MPF Research vice president Greg Willett in a press release. "The leasing environment has gotten a bit more competitive in the top tier because new supply is starting to come on stream at more significant levels at the same time loss of renters to purchase, while still low by long-term historical standards, is beginning to increase a little.”
Read more...DFW MF Rent Growth Slows in 2012 - Daily News Article - GlobeSt.com
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