Healthy employment gains supported apartment demand as absorption rose 25 percent since the end of 2012. Renters occupied 13,500 additional apartments in 2013 compared to 10,750 units during the year before.
The number of completions surged in 2013 as 12,300 apartments were delivered compared to 7,340 units in 2012. Even with this increase in activity, deliveries trailed absorption for the fourth consecutive year.
Permitting activity tapered off in 2013, suggesting a temporary pull back by developers to mitigate potential inventory excesses. Builders requested permits for 15,030 apartments in 2013. In the preceding year, 17,260 units were approved.
Read more...DFW apartments 2013: Hendricks-Berkadia via Real Estate Center at Texas A&M