Just about anyone who knows basic economics understands the concept of supply and demand—if supply of a certain product or service outstrips demand, prices decrease. And the opposite is true; if demand is larger than supply, prices go up. According to the law of supply and demand, a desirable state is that of equilibrium, in which supply and demand are equal, and the price charged is what the market is willing to bear.
The law of supply and demand operates in a similar fashion in the apartment sector as well, but is somewhat more complex. To explain this in more detail, we’ll use the Dallas-Plano-Irving Metropolitan Division (consisting of Collin, Dallas, Denton, Ellis, Hunt, Kaufman and Rockwall Counties) to explain supply and demand, apartment-style.
Read more...Dallas MSA: A Tale of Supply and Demand
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