D-FW apartment rents inch up in first quarter as construction surges via Dallas News

North Texas apartment demand couldn't keep up with construction in the first quarter.

But residents still didn't escape a rent increase.

Average apartment rents in the Dallas-Fort Worth area were up 1.9 percent from the first quarter of 2017 to $1,081 a month, according to the latest data from RealPage. The Richardson-based apartment industry service firm estimates that net D-FW apartment leasing totaled 1,721 units in the first three months of 2018.

Read more...D-FW apartment rents inch up in first quarter as construction surges | Real Estate | Dallas News

RealPage® Reports Cooling in U.S. Apartment Market Performance During the First Quarter’s Slow Leasing Period via RealPage

The U.S. apartment market’s performance stumbled during the first quarter of 2018. Occupancy backtracked to 94.5 percent in March, down from 95 percent a year earlier, according to real estate technology and analytics firm RealPage, Inc. (NASDAQ:RP). Annual rent growth cooled to 2.3 percent, the slowest pace of increase since the third quarter of 2010.

Read more...RealPage® Reports Cooling in U.S. Apartment Market Performance During the First Quarter’s Slow Leasing Period - News

Job Growth Strengthens Among Top 10 Metros in January via MPF Research

Hiring momentum experienced a slight pullback in January, with U.S. employers adding nearly 2.1 million jobs in the year-ending January 2018. That figure grew the nation’s job base 1.4%, according to preliminary data from the Bureau of Labor Statistics (BLS).

Among U.S. metropolitan areas, eight of the top 10 metros from December returned to the list for January, though in somewhat scrambled order. For the year-ending January 2018, New York retained its #1 spot with 91,000 jobs gained – up from 84,200 one month prior – and Los Angeles jumped three spots to #2. That move pushed Dallas to #3, despite the metro posting a job gain total roughly 2,600 greater than its December mark.

Read more...Job Growth Strengthens Among Top 10 Metros in January - MPF Research

When will D-FW overtake Chicago to become the nation's 3rd largest metro area? via Dallas News

The Dallas-Fort Worth region, once again, added the most new residents of any metro area in the country -- roughly 400 per day, or a total of 146,238, over the year that ended in July, census data released Thursday shows.

That kept D-FW firmly in its spot as the nation’s fourth-largest metro, though the region is catching up to Chicago, whose population has been sliding as economic factors tip the scales in favor of Texas, experts say.

Read more...When will D-FW overtake Chicago to become the nation's 3rd largest metro area? | Demographics | Dallas News

ALN Monthly Market Stats March 2018 via ALN Apartment Data

ALN Data just released their February 2018 market stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data. Check out their new website.

Read more...ALN Monthly Market Stats March 2018 via ALN Apartment Data

Dallas-Fort Worth Economic Indicators 3/14/18 via Dallas Fed

Dallas–Fort Worth economic growth was moderate in January. Revised data indicate that DFW employment expanded 2.4 percent in 2017—the second-fastest rate among Texas’ large metro areas, providing some momentum for continued sound growth in 2018. Unemployment remained low, and the Dallas and Fort Worth business-cycle indexes expanded in January following solid growth in 2017. Continued healthy job creation has been the driver for the DFW office and industrial markets.

Read more...Dallas-Fort Worth Economic Indicators - Dallasfed.org

February Rent Growth Hits Record Low via Multi-Housing News Online

U.S. multifamily rents barely changed within the last 30 days, according to Yardi Matrix’s monthly survey of 121 markets. Rents rose $1 to $1,364, an increase of 2.7 percent year-over-year through February. Down 10 basis points from the previous month, February’s growth was the weakest seasonal gain since the recovery started. According to the report, its been seven years since rents had increased any less than the current amount.

Read more...February Rent Growth Hits Record Low

U.S. Has Gap of Over 7.2 Million Affordable and Available Rental Homes via Housing Finance Magazine

The nation has a staggering shortage of 7.2 million affordable and available rental homes for extremely low-income (ELI) renter households, those with incomes at or below the poverty level or 30% of their area median income, according to the National Low Income Housing Coalition (NLIHC).

The organization’s new report, The Gap: A Shortage of Affordable Homes, calls for expanding investments in affordable housing programs that serve those with the lowest incomes.

Read more...U.S. Has Gap of Over 7.2 Million Affordable and Available Rental Homes | Housing Finance Magazine

Uncertainty is Taking a Toll on the EB-5 Program via National Real Estate Investor

The EB-5 Immigrant Investor program is approaching yet another critical extension deadline. If Congress sticks to its recent pattern, it is likely to make an 11th hour move to approve a short-term extension while it continues to negotiate reforms to the program. Yet that strategy of kicking the can down the road may be putting the program in jeopardy.

“Over the last few years, the EB-5 program has been plagued by these very short-term renewals,” says Jim Butler, chairman, global hospitality group, at the law firm Jeffer Mangels Butler & Mitchell LLP in Los Angeles. “That creates a lot of uncertainty and makes it very difficult for all the players in the industry to know what’s a sound move,” he adds.

Read more...Uncertainty is Taking a Toll on the EB-5 Program | National Real Estate Investor

Apartment Occupancy Rate Remains Strong, Though Down from its Peak via National Real Estate Investor

Developers opened a tremendous number of new apartment units in 2017. But the percentage of apartments that are occupied has barely shifted, despite competition for potential residents. Rents continue to grow in most markets.

“Occupancy is hovering around 95 percent, and that’s a healthy rate, especially with lots of product moving through initial lease-up,” says Greg Willett, chief economist with RealPage Inc., a provider of property management and software services.

Read more...Apartment Occupancy Rate Remains Strong, Though Down from its Peak | National Real Estate Investor

Preparing Multifamily Assets for Possible Market Correction via National Real Estate Investor

As the cycle matures, savvy multifamily investors are taking a look at the reality: a market correction could occur at any time. In advance of any downward movement, the best owners and managers are examining what can be done proactively to recession-proof properties.

Read more...Preparing Multifamily Assets for Possible Market Correction | National Real Estate Investor

Texas Employment Forecast 3/9/2018 via Dallas Fed

Incorporating January employment growth of 2.5 percent and leading index data, the Texas Employment Forecast suggests jobs will grow 3.3 percent this year (December/December), with an 80 percent confidence band of 1.8 to 4.8 percent. This is up from the previous estimate of 2.8 percent. Based on the forecast, 407,900 jobs will be added in the state this year, and employment in December 2018 will be 12.8 million (Chart 1).

Read more...Texas Employment Forecast - Dallasfed.org

More Apartment Landlords Offer Free Rent to Lure Tenants via National Real Estate Investor

As the percentage of vacant apartments creeps higher in cities and towns across the country, more property managers are offering months of free rent to potential residents to get them to sign leases.

Not all segments of the market are afflicted equally, however. Managers of apartments at newly constructed properties and those that compete with new construction for renters are the most likely to have to offer something extra to close the deal.

Read more...More Apartment Landlords Offer Free Rent to Lure Tenants

Austin Metro Report: March 2018 via Zumper

The Zumper Austin Metro Report analyzed active listings in February across 13 metro cities to show the most and least expensive cities and cities with the fastest growing rents. The Texas state median rent was $921 last month.

Read more...Austin Metro Report: March 2018

Eleventh District Beige Book 3/7/18 via Dallas Fed

The Eleventh District economy expanded at a moderate pace over the past six weeks. The manufacturing sector continued to expand robustly, energy activity increased, and home sales continued to rise. Growth slowed slightly in financial and nonfinancial services, while retail sales declined modestly. Hiring was strong across most sectors. Widespread reports of labor market tightness and difficulty finding qualified workers continued, and more firms responded by raising wages than in prior reporting periods. Price pressures remained elevated, and in some cases intensified. Outlooks remained broadly optimistic, although some uncertainty persisted.

Read more...Eleventh District Beige Book - Dallasfed.org

Austin Economic Indicators 3-2-18 via Dallas Fed

Austin economic growth remained robust in January. According to revised data, employment grew 4.2 percent in 2017, the fastest rate among Texas’ large metro areas. Third-quarter data show high-tech services employment accelerated sharply and likely finished the year at a pace well above overall job growth. Housing affordability was steady in the fourth quarter, while survey data suggest manufacturing activity has flattened out in recent months.

Read more...Austin Economic Indicators - Dallasfed.org

Why do D-FW apartment rents vary so much, even within the same complex? via Dallas News

If you’re a renter in Dallas — particularly if you moved here from California, where combing through Craigslist posts is a rite of passage — you’ve likely experienced the disorientation that comes with apartment-hunting in one of the nation’s fastest-growing markets.

Plug in a few criteria on websites like Apartments.com, and you’ll get pulled down a rabbit hole full of vaguely enticing descriptions of pools, fitness centers and luxury interiors. Accompanying those descriptions, though, is a sometimes puzzling tangle of rental prices.

Read more...Why do D-FW apartment rents vary so much, even within the same complex? | Real Estate | Dallas News